The Dividend Daily

Natural gas producer EOG Resources, Inc. (EOG) said late Thursday that its third quarter profit fell harply last year, one lower demand and selling prices for its energy products.

The Houston-based company reported third quarter net income of $4.2 million, or 2 cents per share, down from $1.57 billion, or $6.20 per share, in the year-ago period. Excluding one-time items, adjusted profit was 81 cents per share.

Revenue plunged 69% from last year, to $1.01 billion.

On average, Wall Street analysts expected a lower profit of 66 cents per share, albeit on higher revenue of $1.13 billion.

EOG Resources shares are rising .53%, in premarket trading Friday.

The Bottom Line
We had removed shares of EOG from our “recommended” list back last July 23, when shares traded at $106.43. The company has a dividend yield of .66%, based on last night’s closing stock price of $88.03. The stock has technical support in the $80 price area. If the shares can gain further momentum, we see overhead resistance around the $94 price level. We would remain on the sidelines for now.

EOG Resources, Inc. (EOG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.