Zacks Investment Research upgraded shares of Cabot Oil & Gas Corporation (NYSE:COG) from a sell rating to a hold rating in a report issued on Wednesday, October 25th.
According to Zacks, “Cabot's large acreage holdings in the fast-growing Marcellus Shale and the Eagle Ford Shale supports several years of drilling. We believe COG’s execution success, continued expense management and improving well economics will further enhance its outlook. A relatively low risk profile and longer reserve lives are other positives. Overall, Cabot’s diversified asset portfolio should help it generate steady production growth going forward. However, being a natural gas-weighted company, Cabot continues to reel under the effects of the commodity's price struggles as reflected by its failure to beat estimates in 8 of the last 9 quarters. As it is, delays in the development of the Constitution pipeline keep us worried. Considering these factors, we see limited upside from current levels that forms the basis of our cautious stance.”
Several other analysts have also recently commented on the company. Jefferies Group LLC set a $24.00 target price on Cabot Oil & Gas Corporation and gave the company a hold rating in a report on Monday, August 28th. BMO Capital Markets reiterated a buy rating and issued a $30.00 target price on shares of Cabot Oil & Gas Corporation in a report on Friday, September 1st. Bank of America Corporation upgraded Cabot Oil & Gas Corporation from a neutral rating to a buy rating and upped their target price for the company from $28.00 to $32.00 in a report on Friday, June 30th. Cowen and Company set a $30.00 target price on Cabot Oil & Gas Corporation and gave the company a buy rating in a report on Tuesday, July 18th. Finally, Barclays PLC upped their target price on Cabot Oil & Gas Corporation from $28.00 to $30.00 and gave the company an overweight rating in a report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $30.06.
Cabot Oil & Gas Corporation (NYSE COG) traded up $0.43 during trading hours on Wednesday, hitting $28.99. The stock had a trading volume of 6,005,300 shares, compared to its average volume of 6,105,146. The company has a market capitalization of $13,209.24, a PE ratio of 75.16, a P/E/G ratio of 1.80 and a beta of 0.51. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.61 and a current ratio of 1.64. Cabot Oil & Gas Corporation has a 52 week low of $20.55 and a 52 week high of $29.06.
Cabot Oil & Gas Corporation (NYSE:COG) last released its quarterly earnings results on Friday, October 27th. The oil and gas exploration company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.01). Cabot Oil & Gas Corporation had a positive return on equity of 6.63% and a negative net margin of 8.80%. The firm had revenue of $385.40 million for the quarter, compared to the consensus estimate of $400.85 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. equities analysts forecast that Cabot Oil & Gas Corporation will post 0.53 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Wednesday, November 8th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Tuesday, November 7th. Cabot Oil & Gas Corporation’s payout ratio is currently -64.51%.
In other Cabot Oil & Gas Corporation news, Director Robert Kelley acquired 2,000 shares of Cabot Oil & Gas Corporation stock in a transaction on Tuesday, October 31st. The stock was purchased at an average price of $27.47 per share, for a total transaction of $54,940.00. Following the purchase, the director now directly owns 619,500 shares of the company’s stock, valued at $17,017,665. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Dan O. Dinges sold 66,610 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $27.92, for a total value of $1,859,751.20. Following the completion of the transaction, the chairman now owns 2,887,018 shares of the company’s stock, valued at approximately $80,605,542.56. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Zeke Capital Advisors LLC bought a new position in Cabot Oil & Gas Corporation in the 3rd quarter valued at $227,000. Verity Asset Management Inc. grew its stake in Cabot Oil & Gas Corporation by 31.0% in the 3rd quarter. Verity Asset Management Inc. now owns 17,084 shares of the oil and gas exploration company’s stock valued at $473,000 after purchasing an additional 4,044 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Cabot Oil & Gas Corporation by 6.3% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 88,713 shares of the oil and gas exploration company’s stock valued at $2,373,000 after purchasing an additional 5,246 shares during the period. Trexquant Investment LP bought a new position in Cabot Oil & Gas Corporation in the 3rd quarter valued at $1,178,000. Finally, Legal & General Group Plc grew its stake in Cabot Oil & Gas Corporation by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 2,137,748 shares of the oil and gas exploration company’s stock valued at $57,185,000 after purchasing an additional 32,313 shares during the period. Hedge funds and other institutional investors own 96.81% of the company’s stock.
About Cabot Oil & Gas Corporation
Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company operates in the segment of natural gas and oil development, exploitation, exploration and production, in the continental United States. Its assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs.
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