J.P.Morgan cuts PT for EOG Resources on lower oil and gas price assumptions

J.P.Morgan cuts PT for oil and gas producer EOG Resources EOG.N to $132 from $142

New PT represents an upside of 13.5% to the stock's last close

PT cut was due to decline in commodity price assumptions, brokerage says

Says EOG continues to execute well, with new drilling and appraisal opportunities that could expand its resource base in the U.S. and internationally

"A lingering concern has been inventory depth and the melting ice cube challenge facing the U.S. shale industry, so successful resource expansion- especially in the Utica and Dorado- is key for the shares" - JPM

Brokerage adds the market has generally appreciated strength of EOG's execution as evidenced by the premium multiple

18 out of 31 brokerages rate stock "buy" or higher, and 13 "hold"; median PT is $140 - data compiled by LSEG

As of last close, EOG shares down 5.1% YTD