Zacks Investment Research lowered shares of Cabot Oil & Gas (NYSE:COG) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Cabot Oil & Gas' large acreage holdings in the fast-growing Marcellus and the Eagle Ford Shale supports several years of drilling. We believe Cabot’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. Recently, the company gave investors another reason to cheer after it announced an increase to its dividend. However, being a natural gas-weighted company, Cabot continues to reel under the effects of the commodity's price struggles. As it is, delays in the development of the Constitution pipeline keep us worried. Considering these factors, we see limited upside from current levels that forms the basis of our cautious stance.”
COG has been the topic of several other reports. Morgan Stanley reiterated a sell rating on shares of Cabot Oil & Gas in a research note on Thursday, December 14th. Scotiabank reiterated a buy rating on shares of Cabot Oil & Gas in a research note on Wednesday, November 22nd. BMO Capital Markets reiterated a buy rating and issued a $31.00 price objective on shares of Cabot Oil & Gas in a research note on Tuesday, February 27th. ValuEngine cut Cabot Oil & Gas from a hold rating to a sell rating in a research note on Monday, February 5th. Finally, Williams Capital set a $30.00 price objective on Cabot Oil & Gas and gave the company a hold rating in a research note on Thursday, December 21st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $31.21.
Cabot Oil & Gas (NYSE:COG) last announced its quarterly earnings data on Friday, February 23rd. The oil and gas exploration company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. The business had revenue of $400.50 million for the quarter, compared to analysts’ expectations of $422.12 million. Cabot Oil & Gas had a return on equity of 8.60% and a net margin of 5.69%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period last year, the firm earned $0.01 earnings per share. analysts anticipate that Cabot Oil & Gas will post 1.11 EPS for the current year.
Cabot Oil & Gas declared that its Board of Directors has initiated a stock repurchase program on Friday, February 23rd that permits the company to buyback 30,000,000 outstanding shares. This buyback authorization permits the oil and gas exploration company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Hedge funds have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Cabot Oil & Gas by 6.3% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 88,713 shares of the oil and gas exploration company’s stock worth $2,373,000 after purchasing an additional 5,246 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Cabot Oil & Gas by 63.0% during the third quarter. Great West Life Assurance Co. Can now owns 535,560 shares of the oil and gas exploration company’s stock worth $14,330,000 after purchasing an additional 207,011 shares during the last quarter. Tredje AP fonden purchased a new position in shares of Cabot Oil & Gas during the third quarter worth about $1,030,000. New York State Common Retirement Fund grew its holdings in shares of Cabot Oil & Gas by 1.2% during the third quarter. New York State Common Retirement Fund now owns 979,000 shares of the oil and gas exploration company’s stock worth $26,188,000 after purchasing an additional 11,800 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Cabot Oil & Gas by 1.5% during the third quarter. Legal & General Group Plc now owns 2,137,748 shares of the oil and gas exploration company’s stock worth $57,185,000 after purchasing an additional 32,313 shares during the last quarter. 98.57% of the stock is currently owned by institutional investors.
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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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