Augustine Asset Management Inc. raised its position in shares of Cabot Oil & Gas Co. (NYSE:COG) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,504 shares of the oil and gas exploration company’s stock after acquiring an additional 635 shares during the period. Cabot Oil & Gas makes up approximately 1.6% of Augustine Asset Management Inc.’s investment portfolio, making the stock its 23rd largest position. Augustine Asset Management Inc.’s holdings in Cabot Oil & Gas were worth $2,308,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of COG. BlackRock Inc. raised its stake in Cabot Oil & Gas by 1.1% in the 1st quarter. BlackRock Inc. now owns 29,628,467 shares of the oil and gas exploration company’s stock worth $773,304,000 after purchasing an additional 328,207 shares in the last quarter. Neuberger Berman Group LLC raised its position in shares of Cabot Oil & Gas by 10.4% in the first 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 buying an additional 1,343,815 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cabot Oil & Gas by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 5,654,486 shares of the oil and gas exploration company’s stock valued at $126,159,000 after buying an additional 237,315 shares during the period. Primecap Management Co. CA boosted its stake in shares of Cabot Oil & Gas by 1.2% in the first quarter. Primecap Management Co. CA now owns 3,518,154 shares of the oil and gas exploration company’s stock valued at $91,824,000 after buying an additional 41,300 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Cabot Oil & Gas in the first quarter valued at approximately $63,479,000. 96.66% of the stock is currently owned by institutional investors.
Shares of COG stock traded up $0.42 on Wednesday, hitting $19.01. 9,254,507 shares of the company’s stock were exchanged, compared to its average volume of 6,627,092. Cabot Oil & Gas Co. has a 12 month low of $16.01 and a 12 month 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. The company has a 50 day moving average of $17.69 and a 200 day moving average of $23.28. The stock has a market cap of $7.78 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 0.72 and a beta of 0.53.
Cabot Oil & Gas (NYSE:COG) last posted 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. The company had revenue of $534.12 million for the quarter, compared to the consensus estimate of $476.10 million. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the company posted $0.13 EPS. Sell-side analysts predict that Cabot Oil & Gas Co. will post 1.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio is 31.86%.
Cabot Oil & Gas announced that its Board of Directors has approved a share buyback program on Friday, July 26th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the oil and gas exploration company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have commented on COG shares. Citigroup lowered their price objective on Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. TheStreet lowered Cabot Oil & Gas from a “b” rating to a “c+” rating in a report on Tuesday, July 9th. Morgan Stanley set a $23.00 price target on Cabot Oil & Gas and gave the stock a “hold” rating in a research report on Monday, June 24th. ValuEngine cut shares of Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Finally, Wells Fargo & Co upgraded shares of Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research note on Monday, July 8th. 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. The stock has an average rating of “Buy” and a consensus price target of $27.39.
In other news, CEO Dan O. Dinges acquired 16,755 shares of Cabot Oil & Gas stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average price of $16.28 per share, for a total transaction of $272,771.40. Following the transaction, the chief executive officer now directly owns 3,104,405 shares of the company’s stock, valued at approximately $50,539,713.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rhys J. Best acquired 7,500 shares of the stock in a transaction dated Friday, August 16th. The shares were bought 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. In the last three months, insiders purchased 53,255 shares of company stock valued at $895,416. 1.90% of the stock is owned by insiders.
Cabot Oil & Gas Profile
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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