On August 11, EOG Resources rose 4.29% in regular trading, trading at $140.53/share, with turnover of $134 million. The stock continued to gain momentum following a strong Q2 earnings report and multiple analyst target price upgrades.

EOG Resources reported Q2 adjusted EPS of $5.07, up 118.53% year-over-year, beating the consensus estimate of $5.01. Revenue surged 57% to $8.62 billion, significantly exceeding the analyst estimate of $7.79 billion. The company maintained its quarterly dividend at $1.02 per share and guided for 5% crude oil production growth and 14% total production growth for the year.

Additionally, the company disclosed that early test wells in the UAE exceeded expectations, while management noted structurally higher oil demand due to Middle East conflicts and projected oil prices to remain above mid-cycle levels. Bernstein raised its price target to $156 on August 10, and Stephens lifted its target to $168, pushing the mean analyst target to $160.21.

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