Jefferies Group LLC boosted its stake in Cabot Oil & Gas Co. (NYSE:COG) by 942.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 189,182 shares of the oil and gas exploration company’s stock after purchasing an additional 171,029 shares during the quarter. Jefferies Group LLC’s holdings in Cabot Oil & Gas were worth $4,344,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Meridian Wealth Management LLC bought a new position in Cabot Oil & Gas in the 1st quarter worth about $25,000. Carroll Financial Associates Inc. boosted its position in shares of Cabot Oil & Gas by 50.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 1,806 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 605 shares during the last quarter. First Interstate Bank boosted its position in shares of Cabot Oil & Gas by 278.6% during the 2nd quarter. First Interstate Bank now owns 1,893 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 1,393 shares during the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Cabot Oil & Gas during the 1st quarter valued at about $55,000. Finally, Rational Advisors LLC boosted its position in shares of Cabot Oil & Gas by 951.7% during the 2nd quarter. Rational Advisors LLC now owns 2,219 shares of the oil and gas exploration company’s stock valued at $51,000 after acquiring an additional 2,008 shares during the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.
Shares of NYSE COG traded down $0.05 during trading hours on Friday, reaching $18.13. 1,114,413 shares of the stock traded hands, compared to its average volume of 7,761,312. The company has a market capitalization of $7.60 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 0.72 and a beta of 0.53. The company has a quick ratio of 2.61, a current ratio of 2.70 and a debt-to-equity ratio of 0.52. Cabot Oil & Gas Co. has a 52-week low of $16.01 and a 52-week high of $27.65. The company’s 50-day simple moving average is $17.47 and its two-hundred day simple moving average is $23.06.
Cabot Oil & Gas (NYSE:COG) last announced its quarterly earnings data on Friday, July 26th. The oil and gas exploration company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.05. The company had revenue of $534.12 million for the quarter, compared to analysts’ expectations of $476.10 million. Cabot Oil & Gas had a return on equity of 34.79% and a net margin of 34.51%. Cabot Oil & Gas’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the firm posted $0.13 EPS. As a group, sell-side analysts forecast that Cabot Oil & Gas Co. will post 1.7 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.36 dividend on an annualized basis and a yield of 1.99%. Cabot Oil & Gas’s dividend payout ratio (DPR) is currently 31.86%.
Cabot Oil & Gas declared that its Board of Directors has approved a share buyback program on Friday, July 26th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the oil and gas exploration company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently issued reports on the company. Wells Fargo & Co upgraded Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price target for the company in a research report on Monday, July 8th. Citigroup dropped their price target on Cabot Oil & Gas from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Wolfe Research upgraded Cabot Oil & Gas from a “peer perform” rating to an “outperform” rating in a research report on Thursday. MKM Partners upgraded Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a research report on Monday, July 29th. Finally, TheStreet downgraded Cabot Oil & Gas from a “b” rating to a “c+” rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $27.39.
In related news, Chairman Dan O. Dinges purchased 20,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were acquired at an average cost of $16.34 per share, with a total value of $326,800.00. Following the purchase, the chairman now directly owns 3,104,405 shares of the company’s stock, valued at $50,725,977.70. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter B. Delaney purchased 9,000 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was bought at an average cost of $19.28 per share, for a total transaction of $173,520.00. Following the completion of the purchase, the director now directly owns 16,925 shares in the company, valued at $326,314. The disclosure for this purchase can be found here. Insiders acquired a total of 53,255 shares of company stock worth $895,416 over the last ninety days. Insiders own 1.90% of the company’s stock.
Cabot Oil & Gas 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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