Zacks Investment Research Downgrades Cabot Oil & Gas (NYSE:COG) to Hold

Zacks Investment Research cut shares of Cabot Oil & Gas (NYSE:COG) from a strong-buy rating to a hold rating in a report released on Tuesday morning, reports. The brokerage currently has $21.00 price target on the oil and gas exploration company’s stock.

According to Zacks, “Cabot Oil & Gas Corporation is an independent gas exploration company. Its world-class acreage in the most productive areas of the Marcellus shale play positions it for major growth potential. In particular, with natural gas breaking the $5 threshold for the first time since 2014 and Cabot’s production being 100% gas-weighted, the company is well-positioned to ride the recovery. Cabot also continues to improve upon its industry-leading cost structure. Besides, it is committed to returning more than half of its free cash flow to shareholders. However, Cabot’s proposed combination with oil-focused Cimarex Energy has also found few takers. In another setback, Cabot’s Constitution Pipeline, struggling with lawsuits and water permits was eventually cancelled. Hence, the natural gas producer warrants a cautious stance.”

Other analysts also recently issued research reports about the stock. Morgan Stanley dropped their target price on shares of Cabot Oil & Gas from $20.00 to $19.00 and set an equal weight rating for the company in a research report on Friday, June 18th. Johnson Rice downgraded shares of Cabot Oil & Gas from a hold rating to a sell rating and dropped their target price for the stock from $21.00 to $18.00 in a research report on Tuesday, June 8th. Mizuho upped their price target on Cabot Oil & Gas from $21.00 to $22.00 and gave the stock a neutral rating in a report on Tuesday, July 13th. Finally, Raymond James cut Cabot Oil & Gas from an outperform rating to a market perform rating in a report on Wednesday, May 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Cabot Oil & Gas currently has a consensus rating of Hold and an average target price of $20.20.

NYSE COG opened at $18.98 on Tuesday. Cabot Oil & Gas has a 12 month low of $14.28 and a 12 month high of $20.33. The company has a 50-day moving average of $16.55 and a 200-day moving average of $17.11. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.05 and a quick ratio of 1.00. The company has a market cap of $7.59 billion, a P/E ratio of 24.65, a P/E/G ratio of 0.19 and a beta of 0.15.

Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings data on Thursday, July 29th. The oil and gas exploration company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). The company had revenue of $324.67 million for the quarter, compared to analyst estimates of $429.52 million. Cabot Oil & Gas had a net margin of 19.77% and a return on equity of 16.52%. The company’s revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 EPS. As a group, equities research analysts anticipate that Cabot Oil & Gas will post 1.71 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 26th. Investors of record on Thursday, August 12th were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, August 11th. This represents a $0.44 dividend on an annualized basis and a yield of 2.32%. Cabot Oil & Gas’s dividend payout ratio is presently 102.33%.

A number of large investors have recently bought and sold shares of COG. Advisory Services Network LLC acquired a new position in shares of Cabot Oil & Gas during the second quarter worth about $37,000. Denali Advisors LLC raised its holdings in Cabot Oil & Gas by 47.4% during the second quarter. Denali Advisors LLC now owns 2,800 shares of the oil and gas exploration company’s stock worth $49,000 after acquiring an additional 900 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Cabot Oil & Gas in the first quarter valued at approximately $51,000. Prestige Wealth Management Group LLC raised its stake in Cabot Oil & Gas by 1,767.3% in the second quarter. Prestige Wealth Management Group LLC now owns 3,137 shares of the oil and gas exploration company’s stock valued at $55,000 after buying an additional 2,969 shares during the period. Finally, Alpha Paradigm Partners LLC bought a new position in shares of Cabot Oil & Gas during the second quarter worth approximately $64,000.

Cabot Oil & Gas Company Profile

Cabot Oil & Gas Corp. engages in the development, exploitation, production and exploration of oil and natural gas properties. It operates through the Marcellus shale in Pennsylvania. The company was founded in 1989 and is headquartered in Houston, TX.

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