Zacks Investment Research Upgrades Cabot Oil & Gas (COG) to Strong-Buy
Zacks Investment Research upgraded shares of Cabot Oil & Gas (NYSE:COG) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning. The firm currently has $33.00 price objective on the oil and gas exploration company’s stock.
According to Zacks, “Shares of Cabot have surged 25% in the last twelve months, mirroring the broader industry's increase. Cabot's large acreage holdings in the fast-growing Marcellus Shale and the Eagle Ford Shale supports several years of drilling. We believe COG’s execution success, continued expense management and improving well economics will further enhance its outlook. A relatively low risk profile and longer reserve lives are other positives. Overall, Cabot’s diversified asset portfolio should help it generate steady production growth going forward. Therefore, we see Cabot as an attractive investment.”
A number of other research firms also recently commented on COG. KeyCorp set a $30.00 price objective on shares of Cabot Oil & Gas and gave the company a buy rating in a research note on Saturday, November 25th. JPMorgan Chase & Co. set a $37.00 price objective on shares of Cabot Oil & Gas and gave the company a buy rating in a research note on Monday, November 27th. Barclays increased their price objective on shares of Cabot Oil & Gas from $31.00 to $32.00 and gave the company an overweight rating in a research note on Monday, November 20th. Scotiabank reiterated a buy rating on shares of Cabot Oil & Gas in a research note on Wednesday, November 22nd. Finally, Drexel Hamilton downgraded shares of Cabot Oil & Gas from a buy rating to a hold rating in a research note on Tuesday, November 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $31.53.
Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings data on Friday, October 27th. The oil and gas exploration company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.01). Cabot Oil & Gas had a negative net margin of 8.80% and a positive return on equity of 6.63%. The company had revenue of $385.40 million for the quarter, compared to the consensus estimate of $400.85 million. During the same quarter last year, the company earned ($0.04) earnings per share. The company’s revenue was up 24.2% compared to the same quarter last year. equities research analysts predict that Cabot Oil & Gas will post 0.49 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 7th. Shareholders of record on Wednesday, January 24th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.86%. This is a boost from Cabot Oil & Gas’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, January 23rd. Cabot Oil & Gas’s dividend payout ratio is -75.00%.
In related news, Chairman Dan O. Dinges sold 66,610 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $27.92, for a total value of $1,859,751.20. Following the sale, the chairman now owns 2,887,018 shares of the company’s stock, valued at approximately $80,605,542.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Kelley acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was purchased at an average cost of $27.47 per share, for a total transaction of $54,940.00. Following the acquisition, the director now owns 619,500 shares in the company, valued at $17,017,665. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Sanders Capital LLC increased its holdings in shares of Cabot Oil & Gas by 7.2% in the 3rd quarter. Sanders Capital LLC now owns 29,212,930 shares of the oil and gas exploration company’s stock worth $839,952,000 after acquiring an additional 1,951,907 shares during the period. Capital World Investors increased its holdings in shares of Cabot Oil & Gas by 157.8% in the 2nd quarter. Capital World Investors now owns 27,084,300 shares of the oil and gas exploration company’s stock worth $679,274,000 after acquiring an additional 16,579,300 shares during the period. State Street Corp increased its holdings in shares of Cabot Oil & Gas by 0.6% in the 2nd quarter. State Street Corp now owns 26,298,417 shares of the oil and gas exploration company’s stock worth $659,562,000 after acquiring an additional 151,019 shares during the period. Neuberger Berman Group LLC increased its holdings in shares of Cabot Oil & Gas by 3.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 21,373,544 shares of the oil and gas exploration company’s stock worth $571,742,000 after acquiring an additional 708,814 shares during the period. Finally, PointState Capital LP increased its holdings in shares of Cabot Oil & Gas by 60.9% in the 2nd quarter. PointState Capital LP now owns 18,011,889 shares of the oil and gas exploration company’s stock worth $451,738,000 after acquiring an additional 6,818,389 shares during the period. 95.73% of the stock is currently owned by institutional investors and hedge funds.
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Cabot Oil & Gas Company Profile
Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company operates in the segment of natural gas and oil development, exploitation, exploration and production, in the continental United States. Its assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs.
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