KeyBanc cuts EOG Resources to 'sector weight'

KeyBanc Capital Markets downgrades U.S. energy producer EOG Resources EOG.N to "sector weight" from "overweight"

Brokerage sees clear signs of degradation in both the Eagle Ford and Delaware Basin and a significant decline in Eagle Ford activity

Remains bullish on the oily Utica asset, but is concerned by productivity changes from the legacy workhorse assets in Texas

Amid weak oil prices and volatile natural gas prices, we nudge down 1H26 oil and natural gas price outlooks, but keep our deck unchanged in 2H26 and beyond - KeyBanc

Separately, Scotiabank cuts price target on EOG to $123 from $130

Eighteen out of 34 brokerages rate the stock "buy" or higher and 16 "hold"; their median PT is $135 - data compiled by LSEG

In 2025, EOG fell 14.3%