UPDATE 1-EOG quarterly profit down, output target raised

* Shares rise 1.3 pct

* Production in the quarter

* Raises 2009 output target

HOUSTON, May 4 (Reuters) - EOG Resources Inc (EOG.N) reported a 34 percent decline in its first-quarter profit on Monday as a slide oil and gas prices from a year earlier hurt results.

Net profit was $158.7 million, or 63 cents per share, compared with $240.5 million, or 96 cents per share a year earlier.

EOG, based in Houston, raised its 2009 production growth target to 5.5 percent from 3 percent, citing larger-than- expected oil and natural gas liquids volumes in the first quarter.

EOG shares rose more than 1 percent in post-market trading from a New York Stock Exchange close of $72.04. (Reporting by Anna Driver in Houston)