EOG Resources Inc Shares Crashes

EOG Resources Inc shares -1.70% slid 1.70% to $71.62 Monday. This proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -0.18% falling 0.18% to 4,387.16 and Dow Jones Industrial Average DJIA, -0.28% falling 0.28% to 34,838.16.

EOG Resources Inc. closed $16.37 below its 52-week high ($87.99), which the company reached on June 7th. The stock demonstrated a mixed performance when compared to some of its competitors Monday, as ConocoPhillips COP, -1.21% fell 1.21% to $55.38, Pioneer Natural Resources Co. PXD, -2.08% fell 2.08% to $142.35, and Occidental Petroleum Corp. OXY, -1.19% fell 1.19% to $25.79.

EOG Resources Inc trading volume (5.6 M) eclipsed its 50-day average volume of 4.3 M.This was the stock’s second consecutive day of losses.EOG is set to beat earnings estimates when it reports second-quarter 2021 results on Aug 4, after the closing bell.In the last reported quarter, the company reported adjusted earnings per share of $1.62, beating the company’s Consensus Estimate of $1.44 due to increased crude oil and condensate prices along with a decline in lease and well expenses, partially offset by lower oil equivalent production volumes.

The Zacks Consensus Estimate for the company’s second-quarter earnings per share of $1.54 has witnessed 10 upward estimate revisions and no downward movement in the past 30 days. This estimate is indicative of an improvement from the year-ago reported loss of 23 cents per share. The Zacks Consensus Estimate for its second-quarter revenues is pegged at $4.1 billion, suggesting an increase of 266.6% from the year-ago reported figure.