Tuesday, September 28, 2010

Barclays (NYSE:BCS) Reiterates "Overweight" on EOG (NYSE:EOG)

Barclays said it it reiterating its "Overweight" on EOG Resources (NYSE:EOG), citing "superior cash flow."

"Recent concerns have focused on capital spending, a lack of hedges and well performance rather than the strong cash flow growth that should drive performance. Superior cash flow growth should drive the shares higher. We expect cash flow to nearly double by 2012 vs. 2010 levels. This growth should far exceed peers' 30%," Barclays said.

EOG, which explores for, develops and produces crude oil and natural gas, closed Monday at $91.25, down $0.86, or 0.93 percent.

Barclays has a hefty price target of $155 on the energy company.

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