Industry News

Investec Asset Management LTD Acquires 21,867 Shares of Cabot Oil & Gas Co. (NYSE:COG)

By August 27, 2019 No Comments

Investec Asset Management LTD lifted its holdings in shares of Cabot Oil & Gas Co. (NYSE:COG) by 3.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 648,507 shares of the oil and gas exploration company’s stock after purchasing an additional 21,867 shares during the period. Investec Asset Management LTD owned 0.15% of Cabot Oil & Gas worth $10,308,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in COG. Connable Office Inc. raised its stake in shares of Cabot Oil & Gas by 0.8% in the first quarter. Connable Office Inc. now owns 67,508 shares of the oil and gas exploration company’s stock worth $1,762,000 after purchasing an additional 549 shares during the last quarter. Nicollet Investment Management Inc. increased its position in shares of Cabot Oil & Gas by 1.7% during the first quarter. Nicollet Investment Management Inc. now owns 34,396 shares of the oil and gas exploration company’s stock valued at $898,000 after acquiring an additional 570 shares during the last quarter. Carroll Financial Associates Inc. increased its position in shares of Cabot Oil & Gas by 50.4% during the second quarter. Carroll Financial Associates Inc. now owns 1,806 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 605 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Cabot Oil & Gas by 2.0% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 31,159 shares of the oil and gas exploration company’s stock valued at $813,000 after acquiring an additional 619 shares during the last quarter. Finally, Exane Derivatives increased its position in shares of Cabot Oil & Gas by 1.6% during the first quarter. Exane Derivatives now owns 40,887 shares of the oil and gas exploration company’s stock valued at $1,067,000 after acquiring an additional 634 shares during the last quarter. Institutional investors and hedge funds own 95.63% of the company’s stock.

Cabot Oil & Gas stock opened at $16.55 on Tuesday. 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 stock’s 50 day simple moving average is $19.52 and its two-hundred day simple moving average is $23.86. Cabot Oil & Gas Co. has a fifty-two week low of $16.01 and a fifty-two week high of $27.65. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.64 and a beta of 0.51.

Cabot Oil & Gas (NYSE:COG) last issued its quarterly earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $534.12 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. On average, analysts predict that Cabot Oil & Gas Co. will post 1.74 earnings per share for the current year.

Cabot Oil & Gas announced that its board has authorized a share buyback program on Friday, July 26th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the oil and gas exploration company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.36 annualized dividend and a yield of 2.18%. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently 31.86%.

In related news, Director Peter B. Delaney bought 9,000 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average cost of $19.28 per share, for a total transaction of $173,520.00. Following the purchase, the director now owns 16,925 shares in the company, valued at $326,314. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Rhys J. Best acquired 7,500 shares of Cabot Oil & Gas stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $16.31 per share, with a total value of $122,325.00. The disclosure for this purchase can be found here. Insiders purchased a total of 53,255 shares of company stock worth $895,416 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Several brokerages have weighed in on COG. Williams Capital reissued a “hold” rating and set a $22.00 price objective on shares of Cabot Oil & Gas in a report on Thursday, August 22nd. TD Securities reduced their price objective on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating for the company in a report on Monday, July 29th. MKM Partners raised Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a report on Monday, July 29th. Tudor Pickering raised 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. Finally, Citigroup dropped their price objective on Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating for the company in a research note 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 company. Cabot Oil & Gas presently has an average rating of “Buy” and an average price target of $27.54.

About Cabot Oil & Gas

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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