Pacer Advisors Inc. increased its holdings in shares of Cabot Oil & Gas Co. (NYSE:COG) by 13.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 40,729 shares of the oil and gas exploration company’s stock after purchasing an additional 4,784 shares during the period. Pacer Advisors Inc.’s holdings in Cabot Oil & Gas were worth $935,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new position in Cabot Oil & Gas during the second quarter worth about $57,000. Janney Montgomery Scott LLC grew its holdings in Cabot Oil & Gas by 2.2% during the second quarter. Janney Montgomery Scott LLC now owns 31,688 shares of the oil and gas exploration company’s stock worth $728,000 after purchasing an additional 684 shares during the period. TD Asset Management Inc. grew its holdings in Cabot Oil & Gas by 4.8% during the first quarter. TD Asset Management Inc. now owns 480,225 shares of the oil and gas exploration company’s stock worth $12,534,000 after purchasing an additional 22,194 shares during the period. BP PLC acquired a new stake in Cabot Oil & Gas during the first quarter worth approximately $1,305,000. Finally, Alambic Investment Management L.P. acquired a new stake in Cabot Oil & Gas during the first quarter worth approximately $880,000. Institutional investors and hedge funds own 96.66% of the company’s stock.
Shares of NYSE COG traded up $0.16 during midday trading on Friday, reaching $18.81. The company’s stock had a trading volume of 6,135,141 shares, compared to its average volume of 7,096,058. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.61 and a current ratio of 2.70. Cabot Oil & Gas Co. has a fifty-two week low of $16.01 and a fifty-two week high of $27.65. The business’s 50 day moving average price is $17.62 and its two-hundred day moving average price is $23.25. The company has a market cap of $7.80 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.73 and a beta of 0.53.
Cabot Oil & Gas (NYSE:COG) last released its quarterly earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. The company had revenue of $534.12 million during the quarter, compared to the consensus estimate of $476.10 million. During the same period in the previous year, the business earned $0.13 earnings per share. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. Sell-side analysts forecast that Cabot Oil & Gas Co. will post 1.7 earnings per share for the current fiscal year.
Cabot Oil & Gas announced that its board has authorized a share repurchase plan on Friday, July 26th that allows the company to repurchase 25,000,000 shares. This repurchase authorization allows the oil and gas exploration company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.91%. Cabot Oil & Gas’s payout ratio is 31.86%.
In other Cabot Oil & Gas news, Chairman Dan O. Dinges purchased 20,000 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was bought at an average cost of $16.34 per share, for a total transaction of $326,800.00. Following the completion of the transaction, the chairman now owns 3,104,405 shares in the company, valued at $50,725,977.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rhys J. Best purchased 7,500 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was acquired at an average price of $16.31 per share, with a total value of $122,325.00. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 53,255 shares of company stock valued at $895,416. 1.90% of the stock is owned by company insiders.
Several brokerages have issued reports on COG. Zacks Investment Research downgraded shares of Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Morgan Stanley set a $23.00 price objective on shares of Cabot Oil & Gas and gave the stock a “hold” rating in a research report on Monday, June 24th. Tudor Pickering upgraded shares of Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, August 2nd. TD Securities cut their price objective on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, Williams Capital restated a “hold” rating and set a $22.00 price objective on shares of Cabot Oil & Gas in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.39.
About Cabot Oil & Gas
Cabot Oil & Gas Corporation, an independent oil and gas company, explores for, exploits, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States. It primarily focuses on the Marcellus Shale with approximately 174,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.
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