Tearsheet

EOG Resources (EOG)


Market Price (3/15/2026): $133.08 | Market Cap: $71.5 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

EOG Resources (EOG)


Market Price (3/15/2026): $133.08
Market Cap: $71.5 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10.0%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%
Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 10 Bil, FCF LTM is 3.5 Bil
Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -43%
 
2 Low stock price volatility
Vol 12M is 30%
  
3 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oilfield Technologies, Show more.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10.0%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 10 Bil, FCF LTM is 3.5 Bil
2 Low stock price volatility
Vol 12M is 30%
3 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oilfield Technologies, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -43%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

EOG Resources (EOG) stock has gained about 25% since 11/30/2025 because of the following key factors:

1. Strong Financial Performance and Substantial Shareholder Returns in 2025. EOG Resources reported robust fourth-quarter 2025 adjusted earnings per share of $2.27, exceeding consensus estimates of $2.20 by $0.07. For the full year 2025, the company generated $4.7 billion in free cash flow and returned 100% of this amount to shareholders. This included an 8% increase in regular dividends and $2.5 billion allocated to share repurchases, which reduced the share count by approximately 10% since buybacks began in 2023.

2. Enhanced Operational Efficiency and Significant Reserve Growth. The company demonstrated improved operational efficiency in 2025 by achieving a 7% reduction in average well costs across its multi-basin portfolio. EOG also reported a substantial increase in its total proved reserves, which grew by 16% to 5.5 billion barrels of oil equivalent in 2025, with net proved reserve additions replacing 254% of its total 2025 production.

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Stock Movement Drivers

Fundamental Drivers

The 25.1% change in EOG stock from 11/30/2025 to 3/14/2026 was primarily driven by a 37.8% change in the company's P/E Multiple.
(LTM values as of)113020253142026Change
Stock Price ($)106.83133.6025.1%
Change Contribution By: 
Total Revenues ($ Mil)22,57922,5820.0%
Net Income Margin (%)24.5%22.1%-10.0%
P/E Multiple10.514.437.8%
Shares Outstanding (Mil)5415370.7%
Cumulative Contribution25.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
EOG25.1% 
Market (SPY)-3.1%-3.0%
Sector (XLE)27.6%78.9%

Fundamental Drivers

The 9.1% change in EOG stock from 8/31/2025 to 3/14/2026 was primarily driven by a 24.2% change in the company's P/E Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)122.47133.609.1%
Change Contribution By: 
Total Revenues ($ Mil)22,71222,582-0.6%
Net Income Margin (%)25.2%22.1%-12.6%
P/E Multiple11.614.424.2%
Shares Outstanding (Mil)5435371.1%
Cumulative Contribution9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
EOG9.1% 
Market (SPY)3.0%4.5%
Sector (XLE)28.8%80.3%

Fundamental Drivers

The 9.1% change in EOG stock from 2/28/2025 to 3/14/2026 was primarily driven by a 35.3% change in the company's P/E Multiple.
(LTM values as of)22820253142026Change
Stock Price ($)122.40133.609.1%
Change Contribution By: 
Total Revenues ($ Mil)23,37822,582-3.4%
Net Income Margin (%)27.4%22.1%-19.5%
P/E Multiple10.614.435.3%
Shares Outstanding (Mil)5575373.7%
Cumulative Contribution9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
EOG9.1% 
Market (SPY)12.4%48.5%
Sector (XLE)29.9%87.8%

Fundamental Drivers

The 32.5% change in EOG stock from 2/28/2023 to 3/14/2026 was primarily driven by a 90.1% change in the company's P/E Multiple.
(LTM values as of)22820233142026Change
Stock Price ($)100.86133.6032.5%
Change Contribution By: 
Total Revenues ($ Mil)29,49222,582-23.4%
Net Income Margin (%)26.3%22.1%-16.2%
P/E Multiple7.614.490.1%
Shares Outstanding (Mil)5835378.6%
Cumulative Contribution32.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
EOG32.5% 
Market (SPY)73.4%36.2%
Sector (XLE)51.3%87.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EOG Return89%57%-2%4%-11%27%241%
Peers Return103%71%-5%-15%1%28%261%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
EOG Win Rate75%67%50%58%58%100% 
Peers Win Rate74%58%50%38%60%100% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
EOG Max Drawdown-0%0%-20%-9%-14%-2% 
Peers Max Drawdown-4%0%-20%-23%-25%-3% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: COP, FANG, DVN, OXY, APA. See EOG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventEOGS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-34.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven53.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven116 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-66.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven200.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven569 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-51.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven105.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven950 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-68.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven214.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,592 days1,480 days

Compare to COP, FANG, DVN, OXY, APA

In The Past

EOG Resources's stock fell -34.8% during the 2022 Inflation Shock from a high on 6/7/2022. A -34.8% loss requires a 53.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About EOG Resources (EOG)

EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago. As of December 31, 2021, it had total estimated net proved reserves of 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of natural gas liquid reserves; and 8,222 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.

AI Analysis | Feedback

1. EOG is like the "ExxonMobil of pure oil and gas production."

2. Think of EOG as a major oil and gas driller, similar to the core resource extraction business of companies like Shell or BP.

AI Analysis | Feedback

  • Crude Oil: EOG explores for, develops, produces, and markets crude oil.
  • Natural Gas: EOG explores for, develops, produces, and markets natural gas.
  • Natural Gas Liquids (NGLs): EOG explores for, develops, produces, and markets natural gas liquids.

AI Analysis | Feedback

Major Customers of EOG Resources (EOG)

EOG Resources, Inc. operates as an exploration and production (E&P) company, focusing on extracting crude oil, natural gas, and natural gas liquids (NGLs). These products are fungible commodities sold into global energy markets. Consequently, EOG's customers are primarily other companies within the energy value chain, rather than individual consumers.

Due to the nature of commodity sales, EOG typically sells to a diverse range of purchasers, and specific major customer companies (i.e., those accounting for a significant portion of revenue) are generally not publicly disclosed. However, the primary categories of companies that purchase EOG's products include:

  • Refineries: Companies that purchase crude oil for processing into various petroleum products such as gasoline, diesel, and jet fuel. Examples of public companies in this sector include Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and ExxonMobil (XOM) (for their refining divisions).
  • Midstream Companies and Natural Gas Utilities: Businesses that purchase natural gas for transportation through pipelines, processing, and distribution to industrial, commercial, and residential end-users. Public examples include Kinder Morgan (KMI), Energy Transfer (ET), Williams Companies (WMB), and Enbridge (ENB).
  • Petrochemical Companies: Companies that utilize natural gas liquids (NGLs) as feedstocks for producing plastics, chemicals, and other industrial products. Examples include Dow (DOW) and LyondellBasell (LYB), as well as petrochemical divisions of integrated energy companies like ExxonMobil (XOM).
  • Commodity Trading and Marketing Firms: Companies that purchase crude oil, natural gas, and NGLs for trading, marketing, and resale in various regional and international markets.

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The global energy transition, marked by the accelerating adoption of renewable energy sources such as solar and wind, and the increasing market penetration of electric vehicles, poses a clear emerging threat to EOG Resources. As these alternative technologies become more cost-effective and widespread, they directly reduce long-term demand for crude oil, natural gas, and natural gas liquids, which are the company's core products. This fundamental shift in the energy landscape could lead to decreased future revenues and potential asset stranding for fossil fuel producers.

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Better Bets vs. EOG Resources (EOG)

Latest Trefis Analyses

Trade Ideas

Select ideas related to EOG.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
82.3%82.3%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
23.6%23.6%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
56.9%56.9%-7.0%
WHD_11212025_Dip_Buyer_ValueBuy11212025WHDCactusDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
31.6%31.6%0.0%
OVV_10172025_Dip_Buyer_FCFYield10172025OVVOvintivDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
41.7%41.7%0.0%
EOG_1312023_Insider_Buying_GTE_1Mil_EBITp+DE_V201312023EOGEOG ResourcesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
1.9%-9.6%-22.6%
EOG_11302021_Insider_Buying_GTE_1Mil_EBITp+DE_V211302021EOGEOG ResourcesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
64.7%77.5%-1.9%
EOG_1312020_Dip_Buyer_FCFYield01312020EOGEOG ResourcesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-34.7%-27.8%-59.2%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

EOGCOPFANGDVNOXYAPAMedian
NameEOG Reso.ConocoPh.Diamondb.Devon En.Occident.APA  
Mkt Price133.60121.89182.3746.2557.8834.4789.89
Mkt Cap71.7150.252.128.757.212.254.7
Rev LTM22,58258,94414,92917,18821,5938,92019,390
Op Inc LTM7,25011,3424,9183,8563,7222,7564,387
FCF LTM3,4507,243-7032,7974,1051,7793,124
FCF 3Y Avg4,7927,989-1,6241,5145,2981,0873,153
CFO LTM10,04419,7968,7586,71110,5324,5459,401
CFO 3Y Avg11,17619,9627,0306,61811,4263,7659,103

Growth & Margins

EOGCOPFANGDVNOXYAPAMedian
NameEOG Reso.ConocoPh.Diamondb.Devon En.Occident.APA  
Rev Chg LTM-3.4%7.7%35.4%7.8%-1.9%-8.4%2.9%
Rev Chg 3Y Avg-8.0%-7.8%18.3%-2.7%-14.5%-5.3%-6.6%
Rev Chg Q0.1%-5.9%-9.6%-6.4%-14.7%-26.6%-8.0%
QoQ Delta Rev Chg LTM0.0%-1.4%-2.3%-1.6%-1.4%-7.5%-1.5%
Op Mgn LTM32.1%19.2%32.9%22.4%17.2%30.9%26.7%
Op Mgn 3Y Avg35.3%23.1%42.5%27.0%19.7%34.7%30.9%
QoQ Delta Op Mgn LTM-1.3%-1.7%-1.6%-0.4%-0.6%0.3%-0.9%
CFO/Rev LTM44.5%33.6%58.7%39.0%48.8%51.0%46.6%
CFO/Rev 3Y Avg48.4%35.3%62.6%41.1%51.3%42.0%45.2%
FCF/Rev LTM15.3%12.3%-4.7%16.3%19.0%19.9%15.8%
FCF/Rev 3Y Avg20.7%14.1%-13.0%9.3%23.7%12.2%13.2%

Valuation

EOGCOPFANGDVNOXYAPAMedian
NameEOG Reso.ConocoPh.Diamondb.Devon En.Occident.APA  
Mkt Cap71.7150.252.128.757.212.254.7
P/S3.22.53.51.72.61.42.6
P/EBIT10.910.824.47.213.84.010.8
P/E14.418.831.310.924.68.516.6
P/CFO7.17.66.04.35.42.75.7
Total Yield10.0%8.0%5.4%11.4%4.1%14.7%9.0%
Dividend Yield3.0%2.7%2.2%2.2%0.0%3.0%2.4%
FCF Yield 3Y Avg7.3%6.4%-2.8%5.8%11.3%12.0%6.9%
D/E0.10.20.30.30.40.40.3
Net D/E0.10.10.30.20.40.30.3

Returns

EOGCOPFANGDVNOXYAPAMedian
NameEOG Reso.ConocoPh.Diamondb.Devon En.Occident.APA  
1M Rtn13.4%10.0%9.6%5.2%27.8%28.0%11.7%
3M Rtn24.9%28.6%17.1%23.3%41.6%34.2%26.7%
6M Rtn15.2%34.1%35.0%34.8%28.1%54.1%34.5%
12M Rtn11.8%27.4%24.7%36.6%27.1%84.9%27.2%
3Y Rtn46.2%41.8%66.0%13.7%7.3%20.5%31.2%
1M Excs Rtn15.4%12.0%10.9%5.3%25.5%24.4%13.7%
3M Excs Rtn22.6%28.5%16.1%22.0%40.9%33.8%25.6%
6M Excs Rtn10.6%28.9%30.6%30.0%24.2%50.3%29.4%
12M Excs Rtn-9.5%8.0%6.8%15.8%7.3%63.5%7.6%
3Y Excs Rtn-42.7%-43.8%-26.8%-73.9%-71.4%-69.4%-56.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment23,18229,49218,64211,03217,380
Total23,18229,49218,64211,03217,380


Price Behavior

Price Behavior
Market Price$133.60 
Market Cap ($ Bil)71.7 
First Trading Date10/04/1989 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$116.00$113.03
DMA Trendupup
Distance from DMA15.2%18.2%
 3M1YR
Volatility29.9%29.7%
Downside Capture-97.4928.52
Upside Capture28.5534.93
Correlation (SPY)-5.3%49.1%
EOG Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.08-0.09-0.090.130.760.65
Up Beta0.160.020.020.370.810.69
Down Beta2.241.020.310.691.251.02
Up Capture17%14%19%-12%22%15%
Bmk +ve Days9203170142431
Stock +ve Days12243360125392
Down Capture-151%-167%-90%-26%50%69%
Bmk -ve Days12213054109320
Stock -ve Days9172863125359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EOG
EOG11.5%29.7%0.37-
Sector ETF (XLE)34.9%24.9%1.1587.9%
Equity (SPY)19.6%18.9%0.8149.3%
Gold (GLD)71.9%26.3%2.0510.9%
Commodities (DBC)19.3%17.3%0.8966.5%
Real Estate (VNQ)6.2%16.3%0.1941.9%
Bitcoin (BTCUSD)-15.3%44.2%-0.2522.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EOG
EOG18.0%33.6%0.56-
Sector ETF (XLE)21.1%26.2%0.7389.0%
Equity (SPY)13.1%17.0%0.6135.3%
Gold (GLD)24.1%17.3%1.1416.4%
Commodities (DBC)11.2%19.0%0.4762.3%
Real Estate (VNQ)4.8%18.8%0.1627.9%
Bitcoin (BTCUSD)6.3%56.7%0.3314.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EOG
EOG9.8%39.2%0.37-
Sector ETF (XLE)10.9%29.5%0.4187.6%
Equity (SPY)14.5%17.9%0.7046.6%
Gold (GLD)14.4%15.6%0.775.7%
Commodities (DBC)8.6%17.6%0.4060.4%
Real Estate (VNQ)5.6%20.7%0.2335.3%
Bitcoin (BTCUSD)67.4%66.8%1.0713.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity14.9 Mil
Short Interest: % Change Since 2152026-3.2%
Average Daily Volume5.8 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity537.0 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/24/2026-1.0%3.5% 
11/6/20250.4%4.0%4.2%
8/7/20250.3%3.3%1.4%
2/27/2025-2.8%-6.4%-3.1%
11/7/20246.1%6.9%1.1%
8/1/2024-0.2%3.0%4.6%
5/2/2024-1.4%-0.9%-9.2%
2/22/2024-3.9%-1.7%7.3%
...
SUMMARY STATS   
# Positive111313
# Negative12109
Median Positive4.6%3.5%7.3%
Median Negative-2.7%-1.7%-3.7%
Max Positive8.0%13.7%44.9%
Max Negative-8.5%-6.8%-15.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/24/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Leitzell, Jeffrey REVP & COODirectSell1052026105.682,000211,3605,810,186Form
2Leitzell, Jeffrey REVP & COODirectBuy10272025107.6433236,132,180Form
3Leitzell, Jeffrey REVP & COODirectBuy10272025107.9744326,151,412Form
4Leitzell, Jeffrey REVP & COODirectSell10022025112.051,889211,6626,383,079Form
5Crisp, Charles R DirectSell8192025119.991,589190,6577,493,652Form