Price to Book Value (P/BV)
since 2005
Calculation
EOG Resources Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2020 | 1.61 | = | 60.00 | ÷ | 37.18 | 37.18 | = | 21,640,716 | ÷ | 582,054,451 | |
| Feb 26, 2019 | 2.81 | = | 93.91 | ÷ | 33.38 | 33.38 | = | 19,364,188 | ÷ | 580,053,225 | |
| Feb 27, 2018 | 3.80 | = | 106.94 | ÷ | 28.14 | 28.14 | = | 16,283,273 | ÷ | 578,636,343 | |
| Feb 27, 2017 | 4.04 | = | 97.91 | ÷ | 24.24 | 24.24 | = | 13,981,581 | ÷ | 576,832,077 | |
| Feb 25, 2016 | 2.91 | = | 68.50 | ÷ | 23.54 | 23.54 | = | 12,943,035 | ÷ | 549,883,390 | |
| Feb 18, 2015 | 2.95 | = | 95.31 | ÷ | 32.30 | 32.30 | = | 17,712,582 | ÷ | 548,445,003 | |
| Feb 24, 2014 | 3.20 | = | 90.20 | ÷ | 28.23 | 28.23 | = | 15,418,459 | ÷ | 546,239,144 | |
| Feb 22, 2013 | 2.56 | = | 62.67 | ÷ | 24.44 | 24.44 | = | 13,284,764 | ÷ | 543,493,020 | |
| Feb 24, 2012 | 2.50 | = | 58.78 | ÷ | 23.49 | 23.49 | = | 12,640,904 | ÷ | 538,171,214 | |
| Feb 24, 2011 | 2.74 | = | 55.09 | ÷ | 20.12 | 20.12 | = | 10,231,632 | ÷ | 508,558,574 | |
| Feb 25, 2010 | 2.35 | = | 46.61 | ÷ | 19.79 | 19.79 | = | 9,998,042 | ÷ | 505,156,106 | |
| Feb 25, 2009 | 1.44 | = | 26.02 | ÷ | 18.05 | 18.05 | = | 9,014,497 | ÷ | 499,380,188 | |
| Feb 28, 2008 | 4.41 | = | 62.37 | ÷ | 14.15 | 14.15 | = | 6,990,094 | ÷ | 494,038,376 | |
| Feb 28, 2007 | 2.95 | = | 33.87 | ÷ | 11.47 | 11.47 | = | 5,599,671 | ÷ | 487,996,298 | |
| Feb 23, 2006 | 3.93 | = | 34.93 | ÷ | 8.90 | 8.90 | = | 4,316,292 | ÷ | 485,095,048 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of EOG Resources Inc. Annual Report.
The financial data from 2006 to 2020 reveals a period of significant volatility in market valuation contrasted with a generally upward trajectory in book value. The Price to Book Value (P/BV) ratio fluctuated considerably, reflecting shifting market sentiment and periodic adjustments in the asset base.
- Book Value per Share (BVPS) Trends
- A consistent growth pattern in BVPS is observed from 2006, starting at 8.90 US$, and peaking at 32.30 US$ by 2015. A notable contraction occurred in 2016, where the value dropped to 23.54 US$, suggesting a significant write-down of assets. Following this correction, the BVPS resumed a steady climb, reaching its historical peak of 37.18 US$ in 2020.
- Share Price Volatility
- The share price exhibited high sensitivity to market conditions. Significant troughs are noted in 2009 (26.02 US$) and 2020 (60.00 US$). Conversely, the price reached its highest levels between 2017 and 2018, peaking at 106.94 US$. The volatility of the share price was substantially more pronounced than the fluctuations seen in the book value per share.
- P/BV Ratio Analysis
- The P/BV ratio identifies two primary periods of valuation compression. The first occurred in 2009, with the ratio dropping to 1.44, coinciding with a sharp decline in share price. The second occurred in 2020, where the ratio fell to 1.61 despite the BVPS being at its highest point. This indicates that by 2020, the market was pricing the company much closer to its accounting value than in previous years.
- Valuation Correlation
- Between 2010 and 2015, the P/BV ratio remained relatively stable, fluctuating between 2.35 and 3.20, suggesting a period of consistent market pricing relative to the company's equity growth. The peak valuation occurred in 2017 with a P/BV of 4.04, representing the highest premium over book value recorded in the analyzed period.
Overall, the data indicates that while the internal accounting value of the company grew substantially over the fifteen-year period, the market valuation was subject to external shocks, leading to periodic compressions of the P/BV multiple.
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Comparison to Competitors
EOG Resources Inc., P/BV, long-term trends, comparison to competitors
| EOG Resources Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 27, 2020 | 1.61 | 1.42 | 1.80 | 1.17 |
| Feb 26, 2019 | 2.81 | 1.47 | 2.47 | 1.75 |
| Feb 27, 2018 | 3.80 | 1.42 | 2.10 | 1.71 |
| Feb 27, 2017 | 4.04 | 1.44 | 1.70 | 2.01 |
| Feb 25, 2016 | 2.91 | 1.05 | 1.02 | 1.98 |
| Feb 18, 2015 | 2.95 | 1.32 | 1.59 | 2.16 |
| Feb 24, 2014 | 3.20 | 1.44 | 1.57 | 2.38 |
| Feb 22, 2013 | 2.56 | 1.65 | 1.49 | 2.42 |
| Feb 24, 2012 | 2.50 | 1.76 | 1.45 | 2.67 |
| Feb 24, 2011 | 2.74 | 1.95 | 1.64 | 2.88 |
| Feb 25, 2010 | 2.35 | 1.58 | 1.15 | 2.78 |
| Feb 25, 2009 | 1.44 | 1.46 | 1.03 | 2.97 |
| Feb 28, 2008 | 4.41 | 2.40 | 1.41 | 3.93 |
| Feb 28, 2007 | 2.95 | 2.14 | 1.33 | 3.58 |
| Feb 23, 2006 | 3.93 | 2.03 | 1.62 | 3.26 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
EOG Resources Inc., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| EOG Resources Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 27, 2020 | 1.61 | 1.33 |
| Feb 26, 2019 | 2.81 | 1.70 |
| Feb 27, 2018 | 3.80 | 1.62 |
| Feb 27, 2017 | 4.04 | 1.74 |
| Feb 25, 2016 | 2.91 | 1.49 |
| Feb 18, 2015 | 2.95 | 1.74 |
| Feb 24, 2014 | 3.20 | 1.89 |
| Feb 22, 2013 | 2.56 | 1.99 |
| Feb 24, 2012 | 2.50 | 2.11 |
| Feb 24, 2011 | 2.74 | 2.31 |
| Feb 25, 2010 | 2.35 | 1.98 |
| Feb 25, 2009 | 1.44 | 2.04 |
| Feb 28, 2008 | 4.41 | 2.74 |
| Feb 28, 2007 | 2.95 | 2.51 |
| Feb 23, 2006 | 3.93 | 2.54 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
EOG Resources Inc., P/BV, long-term trends, comparison to industry (energy)
| EOG Resources Inc. | Energy | |
|---|---|---|
| Feb 27, 2020 | 1.61 | 1.38 |
| Feb 26, 2019 | 2.81 | 1.69 |
| Feb 27, 2018 | 3.80 | 1.74 |
| Feb 27, 2017 | 4.04 | 1.86 |
| Feb 25, 2016 | 2.91 | 1.56 |
| Feb 18, 2015 | 2.95 | 1.83 |
| Feb 24, 2014 | 3.20 | 1.99 |
| Feb 22, 2013 | 2.56 | 2.08 |
| Feb 24, 2012 | 2.50 | 2.21 |
| Feb 24, 2011 | 2.74 | 2.45 |
| Feb 25, 2010 | 2.35 | 2.10 |
| Feb 25, 2009 | 1.44 | 2.10 |
| Feb 28, 2008 | 4.41 | 2.94 |
| Feb 28, 2007 | 2.95 | 2.69 |
| Feb 23, 2006 | 3.93 | 2.76 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).