Cabot Oil & Gas (NYSE:COG) announced its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05, RTT News reports. The firm had revenue of $534.12 million during 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 company’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.13 earnings per share.
NYSE COG traded up $0.17 during trading on Friday, hitting $16.47. The stock had a trading volume of 4,798,200 shares, compared to its average volume of 10,357,958. The company has a market capitalization of $6.82 billion, a PE ratio of 14.58, a P/E/G ratio of 0.62 and a beta of 0.51. Cabot Oil & Gas has a 12 month low of $16.01 and a 12 month high of $27.65. The company’s 50-day moving average price is $20.84 and its two-hundred day moving average price is $24.26. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.61 and a current ratio of 2.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently 31.86%.In related news, Director Peter B. Delaney purchased 9,000 shares of the stock in a transaction on Tuesday, July 30th. The shares were purchased at an average price of $19.28 per share, with a total value of $173,520.00. Following the transaction, the director now directly owns 16,925 shares of the company’s stock, valued at $326,314. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of COG. APG Asset Management N.V. increased its holdings in shares of Cabot Oil & Gas by 4,360.3% during the 2nd quarter. APG Asset Management N.V. now owns 7,555,800 shares of the oil and gas exploration company’s stock worth $152,337,000 after acquiring an additional 7,386,400 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Cabot Oil & Gas by 37,033.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,314,487 shares of the oil and gas exploration company’s stock worth $99,061,000 after acquiring an additional 4,302,868 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Cabot Oil & Gas by 12.5% during the 2nd quarter. BlackRock Inc. now owns 33,336,617 shares of the oil and gas exploration company’s stock worth $765,408,000 after acquiring an additional 3,708,150 shares during the last quarter. Norges Bank acquired a new position in shares of Cabot Oil & Gas during the 4th quarter worth approximately $76,512,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in shares of Cabot Oil & Gas during the 1st quarter worth approximately $63,479,000. 97.45% of the stock is currently owned by institutional investors and hedge funds.
Cabot Oil & Gas announced that its board has approved a stock buyback plan on Friday, July 26th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the oil and gas exploration company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several research firms have recently weighed in on COG. Tudor Pickering raised 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. MKM Partners raised Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a research report on Monday, July 29th. TheStreet cut Cabot Oil & Gas from a “b” rating to a “c+” rating in a research report on Tuesday, July 9th. Citigroup reduced their price objective on Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Co raised Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Cabot Oil & Gas has a consensus rating of “Buy” and an average target price of $27.83.
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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