Bank of New York Mellon Corp boosted its position in Cabot Oil & Gas Co. (NYSE:COG) by 66.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,019,410 shares of the oil and gas exploration company’s stock after buying an additional 2,813,273 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cabot Oil & Gas were worth $200,757,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new stake in Cabot Oil & Gas in the third quarter valued at about $130,000. MHI Funds LLC bought a new stake in Cabot Oil & Gas in the fourth quarter valued at about $147,000. Reliance Trust Co. of Delaware bought a new stake in Cabot Oil & Gas in the third quarter valued at about $210,000. Morse Asset Management Inc bought a new stake in Cabot Oil & Gas in the fourth quarter valued at about $238,000. Finally, Artisan Partners Limited Partnership bought a new stake in Cabot Oil & Gas in the third quarter valued at about $223,000. 99.16% of the stock is owned by hedge funds and other institutional investors.
COG has been the subject of several research analyst reports. Morgan Stanley reissued a “sell” rating on shares of Cabot Oil & Gas in a report on Thursday, December 14th. Raymond James Financial lowered Cabot Oil & Gas from an “outperform” rating to a “sell” rating in a report on Tuesday, January 2nd. Zacks Investment Research raised Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, January 2nd. Credit Suisse Group initiated coverage on Cabot Oil & Gas in a report on Monday, December 11th. They issued a “neutral” rating and a $30.00 price objective for the company. Finally, Piper Jaffray Companies set a $37.00 price objective on Cabot Oil & Gas and gave the company a “buy” rating in a report on Thursday, December 21st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Cabot Oil & Gas has an average rating of “Hold” and a consensus price target of $31.53.
Cabot Oil & Gas Co. (NYSE:COG) opened at $23.88 on Friday. Cabot Oil & Gas Co. has a fifty-two week low of $21.40 and a fifty-two week high of $29.57. The stock has a market capitalization of $11,040.00, a P/E ratio of -74.63, a P/E/G ratio of 0.64 and a beta of 0.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.64 and a quick ratio of 1.61.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 7th. Investors of record on Wednesday, January 24th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.01%. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, January 23rd. Cabot Oil & Gas’s dividend payout ratio is -75.00%.
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About Cabot Oil & Gas
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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