Goelzer Investment Management Inc. trimmed its holdings in Cabot Oil & Gas Co. (NYSE:COG) by 16.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 199,156 shares of the oil and gas exploration company’s stock after selling 39,941 shares during the period. Goelzer Investment Management Inc.’s holdings in Cabot Oil & Gas were worth $4,573,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC lifted its holdings in Cabot Oil & Gas by 13.1% during the first quarter. Janus Henderson Group PLC now owns 1,647,588 shares of the oil and gas exploration company’s stock worth $43,002,000 after buying an additional 191,268 shares during the period. TD Asset Management Inc. lifted 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 buying an additional 22,194 shares during the period. BP PLC purchased a new stake in Cabot Oil & Gas during the first quarter worth $1,305,000. South Texas Money Management Ltd. purchased a new stake in Cabot Oil & Gas during the first quarter worth $16,057,000. Finally, Alambic Investment Management L.P. purchased a new stake in Cabot Oil & Gas during the first quarter worth $880,000. 97.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on COG shares. 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 report on Monday, July 8th. 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. Williams Capital reaffirmed a “hold” rating and set a $27.00 price target on shares of Cabot Oil & Gas in a research report on Monday, July 22nd. ValuEngine downgraded Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Finally, TD Securities reduced their price target on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. One 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 stock. The company has an average rating of “Buy” and an average price target of $27.83.COG traded up $0.11 during midday trading on Friday, hitting $16.41. 172,542 shares of the company were exchanged, compared to its average volume of 10,032,931. The company’s 50 day simple moving average is $20.96 and its 200 day simple moving average is $24.30. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 0.65 and a beta of 0.51. 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 1-year low of $16.01 and a 1-year high of $27.65.
Cabot Oil & Gas (NYSE:COG) last posted its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $534.12 million for the quarter, compared to analyst estimates of $476.10 million. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, equities analysts anticipate that Cabot Oil & Gas Co. will post 1.74 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio is presently 31.86%.
Cabot Oil & Gas announced that its Board of Directors has initiated a share buyback program on Friday, July 26th that permits the company to buyback 25,000,000 shares. This buyback authorization permits the oil and gas exploration company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Peter B. Delaney purchased 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were purchased at an average cost of $19.28 per share, with a total value of $173,520.00. Following the purchase, the director now owns 16,925 shares of the company’s stock, valued at approximately $326,314. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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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