10:45 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $153, raised $24, reflects a 5.8x multiple of enterprise value to projected 2025 EBITDA, slightly above EOG's historical forward average. We lift our 2024 EPS estimate by $0.21 to $11.66 and 2025's by $0.24 to $12.85. The EIA forecasts U.S. benchmark crude oil WTI to average $84/b in 2024 and $82/b in 2025, up marginally from $78/b in 2023. EOG has about 70% of projected 2024 production coming from liquids (either crude oil or NGLs) and with prices likely flat to up in the near term, as well as a disciplined approach to upstream capex, we think EOG will throw off considerable free cash flow in both years. Coupled with a remarkably low use of debt leverage (far below E&P peers) and a healthy dividend yield of 4.5%, plus special dividends and buybacks, we think investors should benefit from both capital appreciation and income potential. EOG reports Q1 earnings results on Friday, May 3, 2024.