Analysts Turn Cautious on EOG as RBC Cuts Forecasts and KeyBanc Downgrades
Lower oil-price assumptions plus weaker Texas well results prompted estimate reductions and a more guarded stance on the shares.
Overview
- RBC trimmed its EOG price target to $138 and kept an Outperform rating after lowering its 2026 WTI assumption to $56 per barrel.
- RBC reduced 2026 EPS to $8.19 from $9.76 and cash flow per share to $19.05 from $20.79, with 2027 EPS and cash flow now at $11.43 and $23.07.
- KeyBanc’s Tim Rezvan cut EOG to Sector Weight from Overweight, citing clear productivity degradation in the Eagle Ford and Delaware Basin.
- KeyBanc maintained a $138 price target and highlighted continued optimism about EOG’s oily Utica asset despite concerns in legacy Texas areas.
- Coverage notes EOG screens with a low forward P/E, leaving investors to weigh valuation appeal against commodity and operational headwinds.