Industry News

CIBC Asset Management Inc Sells 1,872 Shares of Cabot Oil & Gas Co. (NYSE:COG)

By September 1, 2019 No Comments

CIBC Asset Management Inc lowered its position in Cabot Oil & Gas Co. (NYSE:COG) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COG. Augustine Asset Management Inc. lifted its position in shares of Cabot Oil & Gas by 0.6% in the second quarter. Augustine Asset Management Inc. now owns 100,504 shares of the oil and gas exploration company’s stock worth $2,308,000 after buying an additional 635 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cabot Oil & Gas by 8.0% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 675,397 shares of the oil and gas exploration company’s stock worth $15,507,000 after purchasing an additional 50,077 shares during the last quarter. First Interstate Bank lifted its position in shares of Cabot Oil & Gas by 278.6% during the 2nd quarter. First Interstate Bank now owns 1,893 shares of the oil and gas exploration company’s stock worth $43,000 after purchasing an additional 1,393 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Cabot Oil & Gas by 106.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 69,322 shares of the oil and gas exploration company’s stock worth $1,591,000 after purchasing an additional 35,703 shares during the last quarter. Finally, Employers Holdings Inc. acquired a new position in shares of Cabot Oil & Gas during the 2nd quarter worth about $326,000. Hedge funds and other institutional investors own 95.63% of the company’s stock.

In related news, CEO Dan O. Dinges acquired 16,755 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $16.28 per share, for a total transaction of $272,771.40. Following the acquisition, the chief executive officer now directly owns 3,104,405 shares of the company’s stock, valued at $50,539,713.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rhys J. Best acquired 7,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $16.31 per share, with a total value of $122,325.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 53,255 shares of company stock worth $895,416 in the last ninety days. 1.90% of the stock is currently owned by company insiders.

NYSE:COG traded down $0.11 during trading hours on Friday, hitting $17.12. 5,513,977 shares of the stock were exchanged, compared to its average volume of 8,454,467. The company’s 50 day moving average is $18.97 and its two-hundred day moving average is $23.72. Cabot Oil & Gas Co. has a twelve month low of $16.01 and a twelve month high of $27.65. 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 company has a market capitalization of $7.21 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.67 and a beta of 0.51.

Cabot Oil & Gas (NYSE:COG) last posted 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 consensus estimate of $0.31 by $0.05. The firm 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 business’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. On average, equities research analysts expect that Cabot Oil & Gas Co. will post 1.72 EPS for the current year.

Cabot Oil & Gas declared that its board has approved a share repurchase program 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. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is presently 31.86%.

Several equities analysts recently weighed in on COG shares. 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. Williams Capital reissued a “hold” rating and set a $22.00 price objective on shares of Cabot Oil & Gas in a research report on Thursday, August 22nd. Citigroup cut 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. ValuEngine lowered Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 27th. Finally, TheStreet lowered Cabot Oil & Gas from a “b” rating to a “c+” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $27.54.

Cabot Oil & Gas Company 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.

See Also: Back-End Load

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

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