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Envestnet Asset Management Inc. Decreases Stock Position in Cabot Oil & Gas Co. (NYSE:COG)

By August 28, 2019 No Comments

Envestnet Asset Management Inc. lessened its position in Cabot Oil & Gas Co. (NYSE:COG) by 34.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 201,453 shares of the oil and gas exploration company’s stock after selling 107,503 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cabot Oil & Gas were worth $4,625,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Cabot Oil & Gas by 1.1% in the first quarter. BlackRock Inc. now owns 29,628,467 shares of the oil and gas exploration company’s stock valued at $773,304,000 after acquiring an additional 328,207 shares in the last quarter. Neuberger Berman Group LLC lifted 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 acquiring an additional 1,343,815 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cabot Oil & Gas by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 5,654,486 shares of the oil and gas exploration company’s stock valued at $126,159,000 after acquiring an additional 237,315 shares in the last quarter. Primecap Management Co. CA lifted its position in shares of Cabot Oil & Gas by 1.2% in the first quarter. Primecap Management Co. CA now owns 3,518,154 shares of the oil and gas exploration company’s stock valued at $91,824,000 after acquiring an additional 41,300 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Cabot Oil & Gas in the first quarter valued at approximately $63,479,000. Institutional investors and hedge funds own 95.63% of the company’s stock.

Shares of Cabot Oil & Gas stock opened at $16.60 on Wednesday. Cabot Oil & Gas Co. has a one year low of $16.01 and a one year high of $27.65. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.64 and a beta of 0.51. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.61 and a current ratio of 2.70. The business’s 50 day moving average price is $19.38 and its 200 day moving average price is $23.82.

Cabot Oil & Gas (NYSE:COG) last announced its quarterly earnings data 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. 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 for the quarter, compared to the consensus estimate of $476.10 million. During the same quarter last year, the business posted $0.13 earnings per share. The firm’s revenue was up 17.8% compared to the same quarter last year. On average, analysts predict that Cabot Oil & Gas Co. will post 1.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.36 annualized dividend and a yield of 2.17%. Cabot Oil & Gas’s dividend payout ratio (DPR) is 31.86%.

Cabot Oil & Gas announced that its board has initiated a stock 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 buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

COG has been the topic of several research reports. Morgan Stanley set a $23.00 target price on Cabot Oil & Gas and gave the company a “hold” rating in a research report on Monday, June 24th. Tudor Pickering upgraded Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Friday, August 2nd. Williams Capital restated a “hold” rating and issued a $22.00 target price on shares of Cabot Oil & Gas in a research report on Thursday, August 22nd. TheStreet downgraded Cabot Oil & Gas from a “b” rating to a “c+” rating in a research report on Tuesday, July 9th. Finally, Citigroup reduced their price objective on 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. One research 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 has a consensus rating of “Buy” and an average price target of $27.54.

In other Cabot Oil & Gas news, Director Peter B. Delaney bought 9,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was bought 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dan O. Dinges bought 16,755 shares of the business’s stock in a transaction on Friday, August 16th. The shares were acquired 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 of the company’s stock, valued at $50,539,713.40. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 53,255 shares of company stock valued at $895,416. 1.90% of the stock is owned by 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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