Industry News

Castleark Management LLC Trims Holdings in Cabot Oil & Gas Co. (NYSE:COG)

By September 14, 2019 No Comments

Castleark Management LLC cut its stake in Cabot Oil & Gas Co. (NYSE:COG) by 78.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,280 shares of the oil and gas exploration company’s stock after selling 153,020 shares during the quarter. Castleark Management LLC’s holdings in Cabot Oil & Gas were worth $971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in COG. APG Asset Management N.V. grew its position in shares of Cabot Oil & Gas by 4,360.3% in the second quarter. APG Asset Management N.V. now owns 7,555,800 shares of the oil and gas exploration company’s stock valued at $152,337,000 after purchasing an additional 7,386,400 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Cabot Oil & Gas in the first quarter valued at $63,479,000. Schroder Investment Management Group grew its position in shares of Cabot Oil & Gas by 34.7% in the second quarter. Schroder Investment Management Group now owns 6,738,311 shares of the oil and gas exploration company’s stock valued at $154,712,000 after purchasing an additional 1,737,102 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cabot Oil & Gas in the second quarter valued at $31,542,000. Finally, Neuberger Berman Group LLC grew 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 purchasing an additional 1,343,815 shares in the last quarter. Institutional investors own 96.66% of the company’s stock.

Several brokerages have recently weighed in on COG. Citigroup reduced their price target 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. MKM Partners upgraded 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. Zacks Investment Research cut Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Finally, ValuEngine cut Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $27.39.

Shares of COG stock opened at $18.65 on Friday. The company has a quick ratio of 2.61, a current ratio of 2.70 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $17.69 and a two-hundred day moving average price of $23.28. Cabot Oil & Gas Co. has a 12-month low of $16.01 and a 12-month high of $27.65. The firm has a market cap of $7.78 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 0.73 and a beta of 0.53.

Cabot Oil & Gas (NYSE:COG) last issued 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 Thomson Reuters’ consensus estimate of $0.31 by $0.05. Cabot Oil & Gas had a return on equity of 34.79% and a net margin of 34.51%. The firm had revenue of $534.12 million during the quarter, compared to analyst estimates of $476.10 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s revenue was up 17.8% compared to the same quarter last year. As a group, research analysts expect that Cabot Oil & Gas Co. will post 1.7 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently 31.86%.

Cabot Oil & Gas declared that its board has approved a share repurchase plan on Friday, July 26th that allows the company to buyback 25,000,000 shares. This buyback authorization allows the oil and gas exploration company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, Chairman Dan O. Dinges bought 20,000 shares of the stock in a transaction dated Monday, August 19th. The stock was bought at an average price of $16.34 per share, with a total value of $326,800.00. Following the purchase, the chairman now owns 3,104,405 shares in the company, valued at approximately $50,725,977.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dan O. Dinges bought 16,755 shares of the stock in a transaction dated Friday, August 16th. The stock was bought at an average cost of $16.28 per share, with a total value of $272,771.40. Following the purchase, the chief executive officer now owns 3,104,405 shares in the company, valued at approximately $50,539,713.40. The disclosure for this purchase can be found here. In the last three months, insiders bought 53,255 shares of company stock valued at $895,416. 1.90% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Cabot Oil & Gas (NYSE:COG)

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