US Bancorp DE Cuts Stock Position in Cabot Oil & Gas Co. (NYSE:COG)
US Bancorp DE lessened its stake in shares of Cabot Oil & Gas Co. (NYSE:COG) by 12.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 693,161 shares of the oil and gas exploration company’s stock after selling 102,055 shares during the quarter. US Bancorp DE’s holdings in Cabot Oil & Gas were worth $15,916,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. APG Asset Management N.V. grew its holdings in Cabot Oil & Gas by 4,360.3% in the second quarter. APG Asset Management N.V. now owns 7,555,800 shares of the oil and gas exploration company’s stock valued at $152,337,000 after purchasing an additional 7,386,400 shares during the last quarter. Schroder Investment Management Group boosted its stake 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 buying an additional 1,737,102 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Cabot Oil & Gas in the 2nd quarter worth about $31,542,000. Neuberger Berman Group LLC boosted its stake in Cabot Oil & Gas by 10.4% in the 1st quarter. Neuberger Berman Group LLC now owns 14,287,550 shares of the oil and gas exploration company’s stock worth $372,905,000 after buying an additional 1,343,815 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Cabot Oil & Gas by 240.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 1,520,242 shares of the oil and gas exploration company’s stock worth $34,905,000 after buying an additional 1,073,407 shares during the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.
COG stock traded down $0.49 during midday trading on Monday, hitting $18.32. 8,187,749 shares of the company’s stock were exchanged, compared to its average volume of 7,096,058. 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 Co. has a 12-month low of $16.01 and a 12-month high of $27.65. The firm has a 50 day moving average price of $17.62 and a 200-day moving average price of $23.25. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 0.73 and a beta of 0.53.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a $0.09 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.36 annualized dividend and a dividend yield of 1.97%. Cabot Oil & Gas’s payout ratio is 31.86%.
Cabot Oil & Gas announced that its Board of Directors has authorized a stock repurchase plan on Friday, July 26th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the oil and gas exploration company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
COG has been the topic of a number of research analyst reports. TheStreet lowered Cabot Oil & Gas from a “b” rating to a “c+” rating in a research note on Tuesday, July 9th. Wells Fargo & Co upgraded Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a report on Monday, July 8th. 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. TD Securities cut their price objective on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Finally, Tudor Pickering upgraded Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.39.
In other Cabot Oil & Gas news, Director Peter B. Delaney bought 9,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were purchased at an average price of $19.28 per share, with a total value of $173,520.00. Following the purchase, the director now directly owns 16,925 shares of the company’s stock, valued at $326,314. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dan O. Dinges bought 16,755 shares of the business’s stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $16.28 per share, for a total transaction of $272,771.40. Following the purchase, the chief executive officer now directly owns 3,104,405 shares in the company, valued at $50,539,713.40. The disclosure for this purchase can be found here. In the last quarter, insiders bought 53,255 shares of company stock valued at $895,416. Insiders own 1.90% of the company’s stock.
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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