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Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Lowers Holdings in Cabot Oil & Gas Co. (NYSE:COG)

By September 2, 2019 No Comments

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. trimmed its holdings in Cabot Oil & Gas Co. (NYSE:COG) by 1.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 71,368 shares of the oil and gas exploration company’s stock after selling 1,144 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Cabot Oil & Gas were worth $1,639,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Meridian Wealth Management LLC purchased a new position in shares of Cabot Oil & Gas in the first quarter valued at about $25,000. Pearl River Capital LLC purchased a new position in shares of Cabot Oil & Gas in the first quarter valued at about $32,000. Joseph P. Lucia & Associates LLC purchased a new position in shares of Cabot Oil & Gas in the first quarter valued at about $40,000. Carroll Financial Associates Inc. lifted its position in shares of Cabot Oil & Gas by 50.4% in 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 in the last quarter. Finally, First Interstate Bank lifted its position in shares of Cabot Oil & Gas by 278.6% in the second quarter. First Interstate Bank now owns 1,893 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 1,393 shares in the last quarter. Institutional investors and hedge funds own 95.63% of the company’s stock.

Shares of NYSE:COG traded down $0.11 during trading on Monday, reaching $17.12. 5,513,977 shares of the company’s stock traded hands, compared to its average volume of 8,454,467. Cabot Oil & Gas Co. has a fifty-two week low of $16.01 and a fifty-two week high of $27.65. The company has a quick ratio of 2.61, a current ratio of 2.70 and a debt-to-equity ratio of 0.52. The firm has a market cap of $7.16 billion, a PE ratio of 15.15, a P/E/G ratio of 0.67 and a beta of 0.51. The company has a 50-day simple moving average of $18.97 and a 200-day simple moving average of $23.72.

Cabot Oil & Gas (NYSE:COG) last posted 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. Cabot Oil & Gas had a return on equity of 34.79% and a net margin of 34.51%. The company had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. During the same period in the previous year, the firm posted $0.13 EPS. Cabot Oil & Gas’s revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts forecast that Cabot Oil & Gas Co. will post 1.72 EPS for the current year.

Cabot Oil & Gas declared that its Board of Directors has authorized a stock repurchase 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. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.10%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s payout ratio is 31.86%.

In other news, Director Peter B. Delaney purchased 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was purchased at an average cost 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Dan O. Dinges bought 20,000 shares of the stock in a transaction on Monday, August 19th. The shares were bought at an average price of $16.34 per share, for a total transaction of $326,800.00. Following the completion of the transaction, the chairman now directly owns 3,104,405 shares of the company’s stock, valued at approximately $50,725,977.70. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 53,255 shares of company stock worth $895,416. 1.90% of the stock is currently owned by insiders.

Several brokerages have recently commented on COG. 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. Wells Fargo & Co raised Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research note on Monday, July 8th. Citigroup dropped their target price 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. Williams Capital restated a “hold” rating and issued a $22.00 target price on shares of Cabot Oil & Gas in a research note on Thursday, August 22nd. Finally, TD Securities reduced 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. 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 currently has a consensus rating of “Buy” and a consensus target price 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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