Why Did Shares of EOG Resources Drop 10% in August?

Why Did Shares of EOG Resources Drop 10% in August?

Shares of EOG Resources (NYSE: EOG), extending their 8% decline through the first seven months of the year, fell 10% in August, according to S&P Market Intelligence. Although there were several highlights from the company's second-quarter earnings report, the company, overall, disappointed investors. 

Booking revenue of $2.6 billion in the second quarter -- a 47% increase year over year -- EOG Resources beat analysts' expectations of $2.4 billion. Unimpressed with the top-line improvement, investors emphasized the company's inability to meet analysts' earnings estimate of $0.10 per share for Q2. EOG Resources reported earnings, adjusted for non-recurring costs, of $0.08.

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Source: Fool.com