DNB Asset Management AS lowered its stake in Cabot Oil & Gas Co. (NYSE:COG) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,764 shares of the oil and gas exploration company’s stock after selling 3,630 shares during the quarter. DNB Asset Management AS’s holdings in Cabot Oil & Gas were worth $1,510,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Meridian Wealth Management LLC acquired a new position in Cabot Oil & Gas during the 1st quarter valued at approximately $25,000. Paragon Capital Management LLC acquired a new stake in shares of Cabot Oil & Gas in the first quarter worth $26,000. Joseph P. Lucia & Associates LLC acquired a new stake in shares of Cabot Oil & Gas in the first quarter worth $40,000. Carroll Financial Associates Inc. increased its stake in shares of Cabot Oil & Gas by 192.9% in the first quarter. Carroll Financial Associates Inc. now owns 1,201 shares of the oil and gas exploration company’s stock worth $31,000 after acquiring an additional 791 shares during the period. Finally, Pearl River Capital LLC acquired a new stake in shares of Cabot Oil & Gas in the first quarter worth $32,000. Institutional investors and hedge funds own 95.63% of the company’s stock.
In other news, Director Peter B. Delaney bought 9,000 shares of Cabot Oil & Gas stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average price of $19.28 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Dan O. Dinges acquired 20,000 shares of Cabot Oil & Gas stock in a transaction dated Monday, August 19th. The shares were bought at an average cost of $16.34 per share, for a total transaction of $326,800.00. The disclosure for this purchase can be found here. Insiders purchased a total of 53,255 shares of company stock valued at $895,416 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.COG has been the topic of a number of research reports. Wells Fargo & Co upgraded shares of 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. Citigroup dropped their price target on shares of Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. TD Securities dropped 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 research report on Monday, July 29th. TheStreet lowered shares of Cabot Oil & Gas from a “b” rating to a “c+” rating in a research report on Tuesday, July 9th. Finally, ValuEngine lowered shares of Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. 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 company. Cabot Oil & Gas currently has a consensus rating of “Buy” and an average target price of $27.83.
NYSE COG traded up $0.28 during trading on Monday, hitting $16.75. The company’s stock had a trading volume of 7,818,712 shares, compared to its average volume of 6,526,595. The firm has a market cap of $6.82 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 0.62 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 Co. has a 52 week low of $16.01 and a 52 week high of $27.65. The firm has a 50 day moving average price of $20.84 and a 200 day moving average price of $24.26.
Cabot Oil & Gas (NYSE:COG) last released its quarterly earnings data on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. During the same period in the previous year, the business posted $0.13 earnings per share. Cabot Oil & Gas’s quarterly revenue was up 17.8% on a year-over-year basis. On average, equities analysts expect that Cabot Oil & Gas Co. will post 1.74 earnings per share for the current year.
Cabot Oil & Gas declared that its Board of Directors has initiated a share buyback plan on Friday, July 26th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the oil and gas exploration company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is 31.86%.
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.
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