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Insider Buying: Cabot Oil & Gas Co. (NYSE:COG) Director Purchases 7,500 Shares of Stock

By August 22, 2019 No Comments

Cabot Oil & Gas Co. (NYSE:COG) Director Rhys J. Best purchased 7,500 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average cost of $16.31 per share, with a total value of $122,325.00. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Shares of NYSE COG opened at $16.81 on Wednesday. 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 cap of $6.89 billion, a P/E ratio of 9.10, a PEG ratio of 0.63 and a beta of 0.51. Cabot Oil & Gas Co. has a 1 year low of $16.01 and a 1 year high of $27.65. The firm has a 50-day simple moving average of $20.33 and a two-hundred day simple moving average of $24.10.

Cabot Oil & Gas (NYSE:COG) last announced 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 Thomson Reuters’ consensus estimate of $0.31 by $0.05. The business had revenue of $534.12 million during 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 firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. As a group, equities research analysts expect 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 paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is currently 31.86%.

Cabot Oil & Gas declared that its Board of Directors has approved a share buyback program 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 programs are usually an indication that the company’s board believes its stock is undervalued.

A number of brokerages recently commented on COG. Tudor Pickering raised shares of Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Friday, August 2nd. Zacks Investment Research downgraded shares of Cabot Oil & Gas from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Williams Capital reaffirmed a “hold” rating and issued a $27.00 price target on shares of Cabot Oil & Gas in a report on Monday, July 22nd. MKM Partners raised shares of Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a report on Monday, July 29th. Finally, Morgan Stanley set a $23.00 price objective on shares of Cabot Oil & Gas and gave the stock a “hold” rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $27.83.

Several large investors have recently modified their holdings of COG. APG Asset Management N.V. increased its position in shares of Cabot Oil & Gas by 4,360.3% during the second quarter. APG Asset Management N.V. now owns 7,555,800 shares of the oil and gas exploration company’s stock worth $152,337,000 after acquiring an additional 7,386,400 shares during the period. Nuveen Asset Management LLC increased its position in shares of Cabot Oil & Gas by 37,033.0% during the second quarter. Nuveen Asset Management LLC now owns 4,314,487 shares of the oil and gas exploration company’s stock worth $99,061,000 after acquiring an additional 4,302,868 shares during the period. BlackRock Inc. increased its position in shares of Cabot Oil & Gas by 12.5% during the second quarter. BlackRock Inc. now owns 33,336,617 shares of the oil and gas exploration company’s stock worth $765,408,000 after acquiring an additional 3,708,150 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Cabot Oil & Gas during the first quarter worth approximately $63,479,000. Finally, Schroder Investment Management Group increased its position in shares of Cabot Oil & Gas by 34.7% during the second quarter. Schroder Investment Management Group now owns 6,738,311 shares of the oil and gas exploration company’s stock worth $154,712,000 after acquiring an additional 1,737,102 shares during the period. 95.63% of the stock is currently owned by institutional investors and hedge funds.

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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