Bernstein downgraded EOG Resources to Market Perform from Outperform with a price target of $146, down from $155 as part of a broader research note on North American Oil & Gas Exploration/Production names. The company has a record of high hits and hit rate at “spudding 1k bbl/day gushers”, the analyst tells investors in a research note. The firm adds however that it is downgrading the stock due to cyclical timing, despite its robust balance sheet.
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