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Teza Capital Management LLC Acquires New Shares in Cabot Oil & Gas Co. (NYSE:COG)

By September 10, 2019 No Comments

Teza Capital Management LLC acquired a new position in Cabot Oil & Gas Co. (NYSE:COG) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,680 shares of the oil and gas exploration company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Schroder Investment Management Group grew its position in Cabot Oil & Gas by 34.7% in the 2nd 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 purchasing an additional 1,737,102 shares during the period. Penn Capital Management Co. Inc. grew its holdings in shares of Cabot Oil & Gas by 29.5% in the second quarter. Penn Capital Management Co. Inc. now owns 89,489 shares of the oil and gas exploration company’s stock worth $2,055,000 after acquiring an additional 20,399 shares during the period. Rational Advisors LLC grew its holdings in shares of Cabot Oil & Gas by 951.7% in the second quarter. Rational Advisors LLC now owns 2,219 shares of the oil and gas exploration company’s stock worth $51,000 after acquiring an additional 2,008 shares during the period. Corient Capital Partners LLC purchased a new stake in Cabot Oil & Gas during the second quarter valued at $1,145,000. Finally, Allianz Asset Management GmbH increased its position in Cabot Oil & Gas by 6.0% during the second quarter. Allianz Asset Management GmbH now owns 717,138 shares of the oil and gas exploration company’s stock valued at $16,465,000 after acquiring an additional 40,353 shares during the last quarter. Institutional investors own 96.66% of the company’s stock.

COG has been the topic of several research reports. ValuEngine cut Cabot Oil & Gas from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Wells Fargo & Co raised shares of Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price target for the company in a research report on Monday, July 8th. MKM Partners raised shares of Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a report on Monday, July 29th. Tudor Pickering upgraded shares of 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. Finally, TD Securities decreased their price target on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. 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. The stock has an average rating of “Buy” and an average target price of $27.39.

Shares of COG stock traded up $0.65 on Monday, hitting $18.20. 282,203 shares of the stock traded hands, compared to its average volume of 6,515,657. Cabot Oil & Gas Co. has a 52 week low of $16.01 and a 52 week high of $27.65. 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 firm has a market cap of $7.28 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 0.68 and a beta of 0.53. The firm has a 50 day simple moving average of $18.10 and a two-hundred day simple moving average of $23.45.

Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, beating the Zacks’ 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 business had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. During the same period last year, the firm earned $0.13 earnings per share. The business’s quarterly revenue was up 17.8% on a year-over-year basis. Sell-side analysts forecast that Cabot Oil & Gas Co. will post 1.7 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors 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 1.98%. The ex-dividend date was Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently 31.86%.

Cabot Oil & Gas declared that its board has approved a stock repurchase plan on Friday, July 26th that authorizes the company to buyback 25,000,000 shares. This buyback authorization authorizes the oil and gas exploration company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

In related news, Director Peter B. Delaney bought 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was purchased at an average price of $19.28 per share, for a total transaction of $173,520.00. Following the completion of the transaction, the director now owns 16,925 shares in the company, valued at $326,314. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Dan O. Dinges purchased 20,000 shares of Cabot Oil & Gas stock in a transaction on Monday, August 19th. The stock was bought at an average price of $16.34 per share, for a total transaction of $326,800.00. Following the completion of the acquisition, the chairman now owns 3,104,405 shares in the company, valued at approximately $50,725,977.70. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 53,255 shares of company stock worth $895,416. 1.90% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for Cabot Oil & Gas (NYSE:COG)

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