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Chesapeake Wealth Management Takes Position in Cabot Oil & Gas Co. (NYSE:COG)

By August 30, 2019 No Comments

Chesapeake Wealth Management bought a new stake in Cabot Oil & Gas Co. (NYSE:COG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 9,627 shares of the oil and gas exploration company’s stock, valued at approximately $221,000.

A number of other institutional investors have also recently bought and sold shares of COG. Geode Capital Management LLC lifted its holdings in Cabot Oil & Gas by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 5,654,486 shares of the oil and gas exploration company’s stock worth $126,159,000 after buying an additional 237,315 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Cabot Oil & Gas by 19.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,501,665 shares of the oil and gas exploration company’s stock worth $33,572,000 after buying an additional 239,959 shares during the period. DNB Asset Management AS lifted its holdings in Cabot Oil & Gas by 11.2% during the 1st quarter. DNB Asset Management AS now owns 69,394 shares of the oil and gas exploration company’s stock worth $1,811,000 after buying an additional 6,966 shares during the period. Meeder Asset Management Inc. lifted its holdings in Cabot Oil & Gas by 1,229.9% during the 1st quarter. Meeder Asset Management Inc. now owns 33,619 shares of the oil and gas exploration company’s stock worth $877,000 after buying an additional 31,091 shares during the period. Finally, Centre Asset Management LLC lifted its holdings in Cabot Oil & Gas by 3.5% during the 1st quarter. Centre Asset Management LLC now owns 301,790 shares of the oil and gas exploration company’s stock worth $7,877,000 after buying an additional 10,210 shares during the period. Institutional investors and hedge funds own 95.63% of the company’s stock.

COG stock opened at $17.23 on Friday. The business has a 50 day moving average of $19.10 and a 200-day moving average of $23.75. 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 $6.95 billion, a PE ratio of 15.25, a P/E/G ratio of 0.63 and a beta of 0.51. The company has a quick ratio of 2.61, a current ratio of 2.70 and a debt-to-equity ratio of 0.52.

Cabot Oil & Gas (NYSE:COG) last issued its quarterly earnings data on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 return on equity of 34.79% and a net margin of 34.51%. The firm’s revenue was up 17.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. On average, research analysts expect that Cabot Oil & Gas Co. will post 1.72 earnings per share for the current year.

Cabot Oil & Gas announced that its board has approved a share repurchase program on Friday, July 26th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the oil and gas exploration company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.09 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.36 annualized dividend and a yield of 2.09%. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently 31.86%.

In other Cabot Oil & Gas news, Director Rhys J. Best bought 7,500 shares of the stock in a transaction dated Friday, August 16th. The stock was purchased at an average cost of $16.31 per share, for a total transaction of $122,325.00. The transaction 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 shares were acquired at an average price of $16.28 per share, with a total value of $272,771.40. Following the completion of the acquisition, the chief executive officer now directly owns 3,104,405 shares of the company’s stock, valued at approximately $50,539,713.40. The disclosure for this purchase can be found here. Insiders acquired 53,255 shares of company stock valued at $895,416 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Several research analysts have commented on COG shares. Tudor Pickering raised Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Friday, August 2nd. TD Securities cut their target price on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Zacks Investment Research downgraded Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Wells Fargo & Co raised 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. Finally, Citigroup dropped 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. Cabot Oil & Gas currently has an average rating of “Buy” and an average target price of $27.54.

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

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