Long Position on EOG @ $127.50 on 5/24/2022 (Fundamentals)

EOG Resources (EOG) explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. 

Its principal producing areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago.

As of December 31, 2021, it had total estimated net proved reserves of 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of natural gas liquid reserves; and 8,222 billion cubic feet of natural gas reserves.

On  May 05, 2022, EOG reported 1st Quarter March 2022 earnings of $4.00 per share on revenue of $4.0 billion. The consensus earnings estimate was $3.69 per share on revenue of $5.7 billion.

Shares have formed a bullish "cup and handle" that is supported by the stock's 50-day moving average. As natural gas approaches the $9 benchmark and crude oil trading around $110 per barrel, EOG shares should breakout of their formation. The company reports August 4th.

Entry Point: $127.50

Stop Loss: $121.00

Trading Range: $62.81 to $132.35

Target Price: $140.00

Position closed on 6/1/2022 at price of $141.00 with a 10.59% gain in 8 days.

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