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Allianz Asset Management GmbH Raises Stock Position in Cabot Oil & Gas Co. (NYSE:COG)

By September 1, 2019 No Comments

Allianz Asset Management GmbH raised its stake in shares of Cabot Oil & Gas Co. (NYSE:COG) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 717,138 shares of the oil and gas exploration company’s stock after purchasing an additional 40,353 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.17% of Cabot Oil & Gas worth $16,465,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of COG. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in Cabot Oil & Gas during the 1st quarter valued at $63,479,000. Neuberger Berman Group LLC increased its position in Cabot Oil & Gas by 10.4% during the 1st quarter. Neuberger Berman Group LLC now owns 14,287,550 shares of the oil and gas exploration company’s stock valued at $372,905,000 after purchasing an additional 1,343,815 shares during the period. Teacher Retirement System of Texas increased its position in Cabot Oil & Gas by 240.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 1,520,242 shares of the oil and gas exploration company’s stock valued at $34,905,000 after purchasing an additional 1,073,407 shares during the period. WINTON GROUP Ltd increased its position in Cabot Oil & Gas by 4,915.8% during the 2nd quarter. WINTON GROUP Ltd now owns 895,824 shares of the oil and gas exploration company’s stock valued at $20,568,000 after purchasing an additional 877,964 shares during the period. Finally, KBC Group NV increased its position in Cabot Oil & Gas by 109.6% during the 2nd quarter. KBC Group NV now owns 1,605,505 shares of the oil and gas exploration company’s stock valued at $36,862,000 after purchasing an additional 839,408 shares during the period. 95.63% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Peter B. Delaney purchased 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were bought at an average price of $19.28 per share, for a total transaction of $173,520.00. Following the purchase, the director now directly owns 16,925 shares in the company, valued at approximately $326,314. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Dan O. Dinges purchased 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was purchased at an average price of $16.34 per share, for a total transaction of $326,800.00. Following the purchase, the chairman now owns 3,104,405 shares in the company, valued at $50,725,977.70. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 53,255 shares of company stock worth $895,416. 1.90% of the stock is currently owned by company insiders.

Shares of Cabot Oil & Gas stock opened at $17.12 on Friday. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.65 and a beta of 0.51. The firm’s 50-day moving average is $18.97 and its 200 day moving average is $23.72. Cabot Oil & Gas Co. has a 1 year low of $16.01 and a 1 year high of $27.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.70 and a quick ratio of 2.61.

Cabot Oil & Gas (NYSE:COG) last announced its quarterly earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.05. The company had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. Cabot Oil & Gas’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 EPS. On average, equities analysts expect that Cabot Oil & Gas Co. will post 1.72 EPS for the current fiscal year.

Cabot Oil & Gas declared that its Board of Directors has authorized a share buyback program 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 reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is 31.86%.

COG has been the topic of a number of research analyst reports. Tudor Pickering raised shares of Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Friday, August 2nd. Citigroup dropped their target price on shares of Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Williams Capital restated a “hold” rating and set a $22.00 target price on shares of Cabot Oil & Gas in a report on Thursday, August 22nd. TD Securities dropped their target price on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Finally, ValuEngine cut shares of Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a report on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $27.54.

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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Institutional Ownership by Quarter for Cabot Oil & Gas (NYSE:COG)

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