Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lessened its position in Cabot Oil & Gas Co. (NYSE:COG) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 71,368 shares of the oil and gas exploration company’s stock after selling 1,144 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Cabot Oil & Gas were worth $1,639,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Cabot Oil & Gas by 1.1% during the first quarter. BlackRock Inc. now owns 29,628,467 shares of the oil and gas exploration company’s stock valued at $773,304,000 after buying an additional 328,207 shares during the last quarter. Neuberger Berman Group LLC raised its stake in Cabot Oil & Gas by 10.4% during the first quarter. Neuberger Berman Group LLC now owns 14,287,550 shares of the oil and gas exploration company’s stock valued at $372,905,000 after buying an additional 1,343,815 shares during the last quarter. Geode Capital Management LLC raised its stake in Cabot Oil & Gas by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 5,654,486 shares of the oil and gas exploration company’s stock valued at $126,159,000 after buying an additional 237,315 shares during the last quarter. Primecap Management Co. CA raised its stake in Cabot Oil & Gas by 1.2% during the first quarter. Primecap Management Co. CA now owns 3,518,154 shares of the oil and gas exploration company’s stock valued at $91,824,000 after buying an additional 41,300 shares during the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in Cabot Oil & Gas during the first quarter valued at $63,479,000. Institutional investors own 95.63% of the company’s stock.
Several analysts recently commented on COG shares. Morgan Stanley set a $23.00 price objective on Cabot Oil & Gas and gave the stock a “hold” rating in a report on Monday, June 24th. Williams Capital reiterated a “hold” rating and issued a $22.00 target price on shares of Cabot Oil & Gas in a research report on Thursday, August 22nd. ValuEngine downgraded Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Wells Fargo & Co raised Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 target price on the stock in a research note on Monday, July 8th. Finally, Zacks Investment Research cut Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Cabot Oil & Gas currently has a consensus rating of “Buy” and an average price target of $27.54.In related news, Director Rhys J. Best acquired 7,500 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was bought at an average cost of $16.31 per share, with a total value of $122,325.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Dan O. Dinges acquired 20,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were bought at an average cost of $16.34 per share, with a total value of $326,800.00. Following the completion of the acquisition, the chairman now owns 3,104,405 shares in the company, valued at $50,725,977.70. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 53,255 shares of company stock worth $895,416. 1.90% of the stock is currently owned by insiders.
Shares of COG stock traded down $0.11 during trading hours on Monday, hitting $17.12. The company’s stock had a trading volume of 5,513,977 shares, compared to its average volume of 8,454,467. The business has a fifty day moving average of $18.97 and a 200-day moving average of $23.72. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 15.15, a P/E/G ratio of 0.67 and a beta of 0.51. Cabot Oil & Gas Co. has a twelve month low of $16.01 and a twelve month high of $27.65. The company has a current ratio of 2.70, a quick ratio of 2.61 and a debt-to-equity ratio of 0.52.
Cabot Oil & Gas (NYSE:COG) last released its quarterly earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $534.12 million for the quarter, compared to analyst estimates of $476.10 million. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. The company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 earnings per share. On average, equities analysts expect that Cabot Oil & Gas Co. will post 1.72 EPS for the current fiscal year.
The business also recently declared 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 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio is currently 31.86%.
Cabot Oil & Gas announced that its Board of Directors has authorized a stock buyback plan 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. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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