Industry News

Augustine Asset Management Inc. Acquires 635 Shares of Cabot Oil & Gas Co. (NYSE:COG)

By August 28, 2019 No Comments

Augustine Asset Management Inc. raised its holdings in Cabot Oil & Gas Co. (NYSE:COG) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,504 shares of the oil and gas exploration company’s stock after acquiring an additional 635 shares during the quarter. Cabot Oil & Gas accounts for about 1.6% of Augustine Asset Management Inc.’s portfolio, making the stock its 23rd biggest holding. Augustine Asset Management Inc.’s holdings in Cabot Oil & Gas were worth $2,308,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its position in Cabot Oil & Gas by 8.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 675,397 shares of the oil and gas exploration company’s stock worth $15,507,000 after purchasing an additional 50,077 shares during the period. First Interstate Bank lifted its position in Cabot Oil & Gas by 278.6% in the second quarter. First Interstate Bank now owns 1,893 shares of the oil and gas exploration company’s stock worth $43,000 after purchasing an additional 1,393 shares during the period. Meeder Asset Management Inc. lifted its position in Cabot Oil & Gas by 106.2% in the second quarter. Meeder Asset Management Inc. now owns 69,322 shares of the oil and gas exploration company’s stock worth $1,591,000 after purchasing an additional 35,703 shares during the period. Employers Holdings Inc. bought a new position in Cabot Oil & Gas in the second quarter worth $326,000. Finally, Swiss National Bank lifted its position in Cabot Oil & Gas by 15.8% in the second quarter. Swiss National Bank now owns 1,669,516 shares of the oil and gas exploration company’s stock worth $38,332,000 after purchasing an additional 228,200 shares during the period. 95.63% of the stock is owned by institutional investors.

Shares of NYSE:COG traded up $0.05 during trading on Tuesday, hitting $16.59. 134,936 shares of the company’s stock traded hands, compared to its average volume of 10,339,606. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. The company has a 50-day moving average price of $19.52 and a 200-day moving average price of $23.86. The company has a current ratio of 2.70, a quick ratio of 2.61 and a debt-to-equity ratio of 0.52. Cabot Oil & Gas Co. has a 52 week low of $16.01 and a 52 week high of $27.65.

Cabot Oil & Gas (NYSE:COG) last released its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.05. The firm had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. Cabot Oil & Gas had a return on equity of 34.79% and a net margin of 34.51%. The business’s quarterly 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, analysts predict that Cabot Oil & Gas Co. will post 1.74 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.17%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is 31.86%.

Cabot Oil & Gas declared that its board has authorized a share repurchase 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. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

COG has been the subject of several research reports. TD Securities reduced their target price on 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. Morgan Stanley set a $23.00 price objective on Cabot Oil & Gas and gave the company a “hold” rating in a report on Monday, June 24th. Williams Capital reissued a “hold” rating and set a $22.00 price objective on shares of Cabot Oil & Gas in a report on Thursday, August 22nd. Citigroup cut their price objective on Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Wells Fargo & Co upgraded Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 target price for the company in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Cabot Oil & Gas has a consensus rating of “Buy” and a consensus target price of $27.54.

In related news, CEO Dan O. Dinges purchased 16,755 shares of the stock in a transaction on Friday, August 16th. The shares were purchased at an average price of $16.28 per share, with a total value 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 $50,539,713.40. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rhys J. Best purchased 7,500 shares of the stock in a transaction on Friday, August 16th. The shares were bought at an average cost of $16.31 per share, for a total transaction of $122,325.00. The disclosure for this purchase can be found here. Insiders acquired a total of 53,255 shares of company stock worth $895,416 in the last 90 days. Company insiders own 1.90% of the company’s stock.

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

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