CIBC Asset Management Inc trimmed its holdings in shares of Cabot Oil & Gas Co. (NYSE:COG) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,584 shares of the oil and gas exploration company’s stock after selling 1,872 shares during the quarter. CIBC Asset Management Inc’s holdings in Cabot Oil & Gas were worth $1,598,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC grew its holdings in Cabot Oil & Gas by 13.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,647,588 shares of the oil and gas exploration company’s stock valued at $43,002,000 after purchasing an additional 191,268 shares during the last quarter. TD Asset Management Inc. grew its holdings in Cabot Oil & Gas by 4.8% during the 1st quarter. TD Asset Management Inc. now owns 480,225 shares of the oil and gas exploration company’s stock valued at $12,534,000 after purchasing an additional 22,194 shares during the last quarter. BP PLC bought a new position in Cabot Oil & Gas during the 1st quarter valued at about $1,305,000. Alambic Investment Management L.P. bought a new position in Cabot Oil & Gas during the 1st quarter valued at about $880,000. Finally, Zions Bancorporation N.A. bought a new position in Cabot Oil & Gas during the 1st quarter valued at about $55,000. Hedge funds and other institutional investors own 95.63% of the company’s stock.
In related news, CEO Dan O. Dinges bought 16,755 shares of the company’s stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $16.28 per share, for a total transaction of $272,771.40. Following the purchase, the chief executive officer now directly owns 3,104,405 shares of the company’s stock, valued at $50,539,713.40. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter B. Delaney bought 9,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was bought at an average price of $19.28 per share, for a total transaction of $173,520.00. Following the completion of the purchase, the director now directly owns 16,925 shares in the company, valued at $326,314. The disclosure for this purchase can be found here. Insiders acquired a total of 53,255 shares of company stock worth $895,416 over the last 90 days. Insiders own 1.90% of the company’s stock.COG has been the topic of several analyst reports. Williams Capital reiterated a “hold” rating and set a $22.00 price target on shares of Cabot Oil & Gas in a report on Thursday. Wells Fargo & Co upgraded shares of Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a report on Monday, July 8th. ValuEngine downgraded shares of Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a report on Saturday, July 27th. Morgan Stanley set a $23.00 price target on shares of Cabot Oil & Gas and gave the company a “hold” rating in a report on Monday, June 24th. Finally, TD Securities cut their price target on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, July 29th. One equities 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 company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $27.54.
Shares of COG stock opened at $16.84 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.70 and a quick ratio of 2.61. The company has a market capitalization of $7.04 billion, a P/E ratio of 14.90, a P/E/G ratio of 0.64 and a beta of 0.51. The company’s 50-day simple moving average is $19.94 and its two-hundred day simple moving average is $23.98. Cabot Oil & Gas Co. has a one year low of $16.01 and a one year high of $27.65.
Cabot Oil & Gas (NYSE:COG) last issued its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.05. The business had revenue of $534.12 million for the quarter, compared to the consensus estimate of $476.10 million. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 EPS. On average, research analysts expect that Cabot Oil & Gas Co. will post 1.74 EPS for the current fiscal year.
Cabot Oil & Gas announced that its Board of Directors has authorized a stock repurchase program on Friday, July 26th that allows the company to repurchase 25,000,000 shares. This repurchase authorization allows the oil and gas exploration company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business 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. The ex-dividend date was Wednesday, August 7th. This represents a $0.36 dividend on an annualized basis and a yield of 2.14%. Cabot Oil & Gas’s dividend payout ratio is currently 31.86%.
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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