Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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EOG Resources Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Current Valuation Ratios
EOG Resources Inc., current price multiples
| EOG Resources Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Current share price (P) | ||||||
| No. shares of common stock outstanding | ||||||
| Growth rate (g) | ||||||
| Earnings per share (EPS) | ||||||
| Next year expected EPS | ||||||
| Operating profit per share | ||||||
| Sales per share | ||||||
| Book value per share (BVPS) | ||||||
| Valuation Ratios (Price Multiples) | ||||||
| Price to earnings (P/E) | ||||||
| Price to next year expected earnings | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) | ||||||
Based on: 10-K (reporting date: 2019-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
EOG Resources Inc., historical price multiples
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to earnings (P/E)
- The price to earnings ratio shows data starting from 2017, with a clear decreasing trend over the observed period. It declined from 23.96 in 2017 to 15.93 in 2018 and further to 12.77 in 2019. This decline suggests that the market valuation relative to earnings has become more conservative over these years.
- Price to operating profit (P/OP)
- Similar to the P/E ratio, the price to operating profit ratio exhibits a significant downward trend from 2017 to 2019. It dropped sharply from 66.8 in 2017 to 12.19 in 2018, and then to 9.44 in 2019. This marked decrease indicates an improved operating profit relative to price or a reduced market valuation based on operating profit.
- Price to sales (P/S)
- The price to sales ratio has a complete data series from 2015 through 2019. It peaks at 7.38 in 2016, showing a noticeable increase from 4.3 in 2015. After 2016, it steadily declines to 5.52 in 2017, 3.15 in 2018, and further to 2.01 in 2019. This trend reflects a consistent decrease in the company’s valuation relative to its sales over the period following 2016.
- Price to book value (P/BV)
- Price to book value ratio trends upward initially from 2.91 in 2015 to 4.04 in 2016 and slightly down to 3.8 in 2017. Following this, it declines more sharply to 2.81 in 2018 and further to 1.61 in 2019. The decrease in the last two years suggests a declining market valuation relative to the company's book value, indicative of reduced investor optimism or changes in book value assessments.
Price to Earnings (P/E)
EOG Resources Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EOG Resources Inc. Annual Report.
4 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trajectory from 2015 to 2017, increasing sharply from $68.5 to $106.94. This was followed by a decline in 2018 to $93.91 and a more significant drop in 2019, reaching $60. This trend indicates volatility with a peak before a notable downturn in the later years.
- Earnings per Share (EPS) Trend
- EPS showed a marked improvement from negative figures in 2015 and 2016 (-$8.23 and -$1.9 respectively) to positive earnings starting in 2017 at $4.46. The positive trend continued with a peak of $5.89 in 2018, followed by a slight decrease to $4.7 in 2019. This progression points to a recovery and profitability after initial losses.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio, available from 2017 onwards, declined steadily from 23.96 in 2017 to 15.93 in 2018, and further to 12.77 in 2019. This reduction in P/E ratio suggests either an increasing earnings performance relative to price or a decreasing share price combined with earnings growth, reflecting a potential adjustment in market valuation relative to earnings.
- Overall Financial Insights
- The data indicate a company moving from a period of losses in 2015 and 2016 to profitability starting in 2017. While earnings showed consistent strength through to 2019, the share price peaked earlier in 2017 and then declined noticeably by 2019, contributing to a falling P/E ratio. This pattern could imply market concerns or external factors impacting investor sentiment, despite improving earnings performance. The decoupling of share price and earnings growth in the latter years warrants further investigation into market conditions or company-specific developments during this period.
Price to Operating Profit (P/OP)
EOG Resources Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EOG Resources Inc. Annual Report.
4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data presents a clear trajectory of the company's financial performance and market valuation over a five-year period ending in 2019.
- Share Price
- The share price showed significant volatility during the period. Starting at $68.50 in 2015, it increased sharply to a peak of $106.94 in 2017, representing strong market confidence. However, from its peak, the price declined substantially to $60 by the end of 2019, indicating reduced investor valuation or adverse market conditions sequentially impacting the company.
- Operating Profit Per Share
- The operating profit per share displayed a marked improvement over the course of the five years. It began with negative values in 2015 and 2016 (-$12.16 and -$2.12 respectively), indicating operating losses on a per-share basis. However, starting in 2017, the company turned profitable, showing consistent growth in operating profits per share to $1.60 in 2017, $7.71 in 2018, and slightly decreasing to $6.36 in 2019. This trend suggests operational improvements and increasing profitability despite the dip in 2019.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio was not available for 2015 and 2016 due to negative operating profits making the ratio indeterminate or less meaningful. For the subsequent years, the P/OP decreased significantly from 66.8 in 2017 to 12.19 in 2018 and further to 9.44 in 2019. This contraction indicates that the market price became more closely aligned with the operating earnings, reflecting improved earnings quality or market realignment due to the earlier share price inflation and the subsequent corrections.
In summary, despite the fluctuating share price, the company's operating performance has improved substantially from losses to profitability. The declining P/OP ratio post-2017 indicates better valuation discipline by the market or a normalization following earlier elevated share prices. The slight decrease in operating profit per share in 2019 alongside a significant fall in share price suggests increased market caution or external factors affecting investor sentiment during that year.
Price to Sales (P/S)
EOG Resources Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating revenues and other (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
Sales per share = Operating revenues and other ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EOG Resources Inc. Annual Report.
4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an initial upward trajectory, increasing from $68.5 in 2015 to a peak of $106.94 in 2017. Following this peak, the price declined to $93.91 in 2018 and experienced a more substantial decrease to $60 by the end of 2019. This pattern indicates a period of growth followed by significant depreciation.
- Sales per Share Trend
- Sales per share exhibited a generally increasing trend over the five-year period. Starting at $15.93 in 2015, there was a decline to $13.26 in 2016, but sales per share subsequently rose sharply to $19.37 in 2017 and continued to increase more markedly to $29.78 in 2018, maintaining a comparable level of $29.86 in 2019. This suggests improved revenue generation per share over the period.
- Price-to-Sales (P/S) Ratio Trend
- The price-to-sales ratio experienced a notable decline throughout the timeframe. Beginning at 4.3 in 2015, it peaked at 7.38 in 2016, reflecting a high market valuation relative to sales. From 2016 onward, the ratio steadily decreased, reaching 5.52 in 2017, then dropping more sharply to 3.15 in 2018 and finally to 2.01 in 2019. This indicates that the stock price decreased in relation to sales, or that sales grew faster than the share price, thereby reducing the valuation multiple.
- Overall Insights
- The data reflect a growing revenue per share trend accompanied by a declining market valuation multiple, particularly after 2016. While sales per share increased significantly, the share price did not sustain the earlier growth, leading to a reduced P/S ratio. This may signify changing market perceptions of the company’s growth prospects or profitability, or adjustments in investor sentiment over the observed periods.
Price to Book Value (P/BV)
EOG Resources Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EOG Resources Inc. Annual Report.
4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a general upward trend from 2015 to 2017, increasing from $68.50 to a peak of $106.94. After 2017, the share price declined, falling to $93.91 in 2018 and further dropping to $60 by the end of 2019. This indicates a period of growth followed by a notable decrease in market valuation over the last two years.
- Book Value Per Share (BVPS) Trend
- The book value per share displayed a consistent increase throughout the five-year period. Starting at $23.54 in 2015, BVPS rose steadily each year, reaching $37.18 by 2019. This steady growth suggests continuous accumulation of shareholders' equity and potentially improved asset base or retained earnings over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio initially increased from 2.91 in 2015 to a high of 4.04 in 2016, reflecting strong market confidence relative to book value. Subsequently, the ratio decreased steadily to 3.80 in 2017, 2.81 in 2018, and further down to 1.61 in 2019. This decline indicates that the market price became lower relative to the book value per share, implying diminishing market optimism or a reassessment of the company's valuation.
- Overall Insights
- The company's book value per share strengthened consistently, demonstrating an improved financial foundation. However, the share price experienced volatility, with gains leading up to 2017 followed by a significant decline. The falling P/BV ratio towards the end of the period reveals that the market valued the company less aggressively compared to its book value, possibly due to external market factors or changing investor sentiment.