First Interstate Bank lifted its stake in shares of Cabot Oil & Gas Co. (NYSE:COG) by 278.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,893 shares of the oil and gas exploration company’s stock after purchasing an additional 1,393 shares during the period. First Interstate Bank’s holdings in Cabot Oil & Gas were worth $43,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in Cabot Oil & Gas by 106.2% in 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. Employers Holdings Inc. bought a new stake in shares of Cabot Oil & Gas during the 2nd quarter worth about $326,000. Swiss National Bank boosted its stake in Cabot Oil & Gas by 15.8% during the 2nd quarter. Swiss National Bank now owns 1,669,516 shares of the oil and gas exploration company’s stock valued at $38,332,000 after purchasing an additional 228,200 shares during the period. Comerica Bank boosted its stake in Cabot Oil & Gas by 1.7% during the 2nd quarter. Comerica Bank now owns 80,701 shares of the oil and gas exploration company’s stock valued at $1,807,000 after purchasing an additional 1,310 shares during the period. Finally, Stephens Investment Management Group LLC boosted its stake in Cabot Oil & Gas by 1.9% during the 2nd quarter. Stephens Investment Management Group LLC now owns 1,215,026 shares of the oil and gas exploration company’s stock valued at $27,897,000 after purchasing an additional 22,627 shares during the period. 95.63% of the stock is currently owned by institutional investors.
Shares of COG opened at $16.81 on Wednesday. The firm has a market capitalization of $6.89 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 0.63 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 fifty day moving average price is $20.33 and its two-hundred day moving average price is $24.10. Cabot Oil & Gas Co. has a 52 week low of $16.01 and a 52 week high of $27.65.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, beating the Zacks’ consensus estimate of $0.31 by $0.05. The firm had revenue of $534.12 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the company earned $0.13 EPS. As a group, research analysts forecast that Cabot Oil & Gas Co. will post 1.74 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a $0.09 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $0.36 dividend on an annualized basis and a yield of 2.14%. Cabot Oil & Gas’s payout ratio is 31.86%.
Cabot Oil & Gas declared that its board has authorized a stock buyback program on Friday, July 26th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the oil and gas exploration company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several brokerages recently weighed in on COG. TD Securities decreased their target price on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Morgan Stanley set a $23.00 target price on Cabot Oil & Gas and gave the stock a “hold” rating in a report on Monday, June 24th. Wells Fargo & Co raised Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 target price for the company in a report on Monday, July 8th. ValuEngine cut Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a report on Saturday, July 27th. Finally, TheStreet cut Cabot Oil & Gas from a “b” rating to a “c+” rating in a report on Tuesday, July 9th. One 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 has a consensus rating of “Buy” and a consensus target price of $27.83.
In related news, CEO Dan O. Dinges purchased 16,755 shares of Cabot Oil & Gas stock in a transaction dated 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 transaction, the chief executive officer now directly owns 3,104,405 shares of the company’s stock, valued at $50,539,713.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter B. Delaney purchased 9,000 shares of Cabot Oil & Gas stock in a transaction dated 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 transaction, 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 quarter. Corporate insiders own 1.90% of the company’s stock.
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.
Recommended Story: Understanding the different types of bonds
Want to see what other hedge funds are holding COG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cabot Oil & Gas Co. (NYSE:COG).
Receive News & Ratings for Cabot Oil & Gas Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Cabot Oil & Gas and related companies with MarketBeat.com’s FREE daily email newsletter.