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Mizuho Cuts EOG Resources to ‘Neutral’ on Inventory, Margin Worries

Business & Policy
March 26, 2025

Mizuho cuts EOG Resources to “neutral” from “outperform”, PT by $8 to $140, still a 9.2% upside to last close
Says a key concerns is depth and quality of EOG’s remaining shale inventory, esp in oil-focused basins like Delaware, Eagle Ford
Adds cash margins per barrel seems to be declining due to higher cash taxes, operating costs and commodity mix
On top of that, Mizuho sees drop in oil prices in 6-12 months due to higher OPEC+ supply, likely lower demand
Still, avg rating of 33 brokerages on EOG is ‘buy’ median PT is $145 – data compiled by LSEG
Up till last close, stock up 4.64% YTD

Reporting by Pooja Menon in Bengaluru