This stock is the Apple of oil and can rally 50% from here, says Mizuho

Sand destined for the oil and gas fields piles up at the EOG Resources processing plant in Chippewa Falls, Wisc.
Steve Karnowski | AP

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Oil exploration company EOG Resources is the "AAPL of oil," according to Mizuho Securities. 

The Wall Street firm — which has a buy rating and $79 per share price target on the stock — said EOG's strong cash position should cover spending and the company's dividend over the next few years. The firm goes so far to compare EOG to the beloved technology darling Apple, known for its resilient business model and strong brand.

Mizuho's target for EOG Resources implies a nearly 50% rally in the stock over the next 12-months.