Intersect Capital LLC purchased a new position in shares of Cabot Oil & Gas Co. (NYSE:COG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,800 shares of the oil and gas exploration company’s stock, valued at approximately $248,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Ontario Teachers Pension Plan Board boosted its holdings in shares of Cabot Oil & Gas by 241.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 283,885 shares of the oil and gas exploration company’s stock valued at $6,518,000 after acquiring an additional 200,850 shares during the period. Cognios Capital LLC bought a new stake in shares of Cabot Oil & Gas in the 2nd quarter worth approximately $1,890,000. Panagora Asset Management Inc. raised its holdings in shares of Cabot Oil & Gas by 6.1% in the 2nd quarter. Panagora Asset Management Inc. now owns 523,964 shares of the oil and gas exploration company’s stock worth $12,030,000 after purchasing an additional 30,139 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in Cabot Oil & Gas during the second quarter valued at approximately $80,000. Finally, Keudell Morrison Wealth Management bought a new stake in Cabot Oil & Gas during the second quarter worth approximately $1,275,000. 96.66% of the stock is currently owned by institutional investors and hedge funds.
NYSE COG traded up $0.13 on Tuesday, reaching $18.53. The company had a trading volume of 339,565 shares, compared to its average volume of 6,504,924. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 0.69 and a beta of 0.53. Cabot Oil & Gas Co. has a 1-year low of $16.01 and a 1-year high of $27.65. The company’s fifty day moving average is $17.83 and its 200-day moving average is $23.34. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.61 and a current ratio of 2.70.
Cabot Oil & Gas (NYSE:COG) last released its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share 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 firm had revenue of $534.12 million during the quarter, compared to the consensus estimate of $476.10 million. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue was up 17.8% compared to the same quarter last year. On average, research analysts forecast that Cabot Oil & Gas Co. will post 1.7 earnings per share for the current 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. This represents a $0.36 annualized dividend and a yield of 1.94%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is 31.86%.
Cabot Oil & Gas declared that its board has authorized a share repurchase plan on Friday, July 26th that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization allows the oil and gas exploration company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on COG. Wells Fargo & Co upgraded Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price target for the company in a report on Monday, July 8th. ValuEngine cut shares of Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 27th. Zacks Investment Research downgraded shares of Cabot Oil & Gas from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Morgan Stanley set a $23.00 price objective on Cabot Oil & Gas and gave the stock a “hold” rating in a research report on Monday, June 24th. Finally, Tudor Pickering raised Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Cabot Oil & Gas presently has a consensus rating of “Buy” and an average price target of $27.39.
In related news, CEO Dan O. Dinges bought 16,755 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average price 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter B. Delaney purchased 9,000 shares of Cabot Oil & Gas 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 acquisition, the director now directly owns 16,925 shares of the company’s stock, valued at approximately $326,314. The disclosure for this purchase can be found here. Insiders bought 53,255 shares of company stock valued at $895,416 in the last three months. Company insiders own 1.90% of the company’s stock.
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.
Featured Article: Accumulation/Distribution
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.