Cabot Oil & Gas Co. (NYSE:COG) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $23.28, but opened at $23.88. Cabot Oil & Gas shares last traded at $24.46, with a volume of 8510355 shares.
The oil and gas exploration company reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.04. The company had revenue of $400.50 million during the quarter, compared to analysts’ expectations of $422.12 million. Cabot Oil & Gas had a positive return on equity of 6.63% and a negative net margin of 8.80%. The business’s revenue was up 26.5% on a year-over-year basis. During the same period last year, the firm posted $0.01 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Stockholders of record on Wednesday, January 24th were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, January 23rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.98%. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.05. Cabot Oil & Gas’s dividend payout ratio (DPR) is -75.00%.
Cabot Oil & Gas declared that its Board of Directors has authorized a share buyback 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 buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
COG has been the topic of a number of recent research reports. Morgan Stanley reiterated a “sell” rating on shares of Cabot Oil & Gas in a research note on Thursday, December 14th. Raymond James Financial lowered Cabot Oil & Gas from an “outperform” rating to a “sell” rating in a research note on Tuesday, January 2nd. Zacks Investment Research upgraded Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, January 2nd. Credit Suisse Group initiated coverage on Cabot Oil & Gas in a research note on Monday, December 11th. They set a “neutral” rating and a $30.00 target price on the stock. Finally, Piper Jaffray Companies set a $37.00 target price on Cabot Oil & Gas and gave the stock a “buy” rating in a research note on Thursday, December 21st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $31.53.
A number of institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB increased its stake in Cabot Oil & Gas by 8.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 45,846 shares of the oil and gas exploration company’s stock worth $1,311,000 after acquiring an additional 3,721 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Cabot Oil & Gas by 7.7% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 174,570 shares of the oil and gas exploration company’s stock worth $4,993,000 after acquiring an additional 12,498 shares during the period. Ashburton Jersey Ltd bought a new position in Cabot Oil & Gas during the 4th quarter worth $944,000. SevenBridge Financial Group LLC increased its stake in Cabot Oil & Gas by 331.9% during the 4th quarter. SevenBridge Financial Group LLC now owns 43,082 shares of the oil and gas exploration company’s stock worth $1,232,000 after acquiring an additional 33,107 shares during the period. Finally, MetLife Investment Advisors LLC bought a new position in Cabot Oil & Gas during the 4th quarter worth $4,093,000. Hedge funds and other institutional investors own 99.16% of the company’s stock.
The company has a debt-to-equity ratio of 0.49, a current ratio of 1.64 and a quick ratio of 1.61. The firm has a market capitalization of $11,180.00, a P/E ratio of -76.44, a P/E/G ratio of 0.62 and a beta of 0.39.
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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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