Cabot Oil & Gas (COG) Rating Lowered to Hold at Zacks Investment Research
Cabot Oil & Gas (NYSE:COG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Shares of Cabot have surged 29.1% in the last twelve months, handily outperforming the broader industry's decline of 14.1%. COG's recent divestiture of non-core Eagle Ford assets have transformed it into a pure-play Marcellus operator. Increased focus on the Marcellus shale will enable the company to deliver double-digit growth per debt-adjusted share from the region. We believe COG’s execution success, continued expense management and improving well economics will further enhance its outlook, driving the shareholder value by share buyback programs and dividend growth. However, being a natural gas-weighted company, Cabot continues to reel under the effects of the commodity's price struggles as reflected by its failure to beat estimates in 9 of the last 10 quarters. As it is, delays in the development of the Constitution pipeline keep us worried. Considering these factors, we see limited upside from current levels.”
COG has been the topic of several other reports. Williams Capital set a $30.00 target price on Cabot Oil & Gas and gave the company a “hold” rating in a research note on Monday, October 30th. Cowen reissued a “buy” rating and set a $30.00 target price on shares of Cabot Oil & Gas in a research note on Tuesday, September 12th. Raymond James Financial cut Cabot Oil & Gas from an “outperform” rating to a “sell” rating in a research note on Tuesday. Barclays boosted their target price on Cabot Oil & Gas from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Finally, BMO Capital Markets set a $30.00 target price on Cabot Oil & Gas and gave the company a “buy” rating in a research note on Tuesday, October 10th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $30.95.
Cabot Oil & Gas (NYSE:COG) last announced its quarterly earnings data on Friday, October 27th. The oil and gas exploration company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.01). Cabot Oil & Gas had a negative net margin of 8.80% and a positive return on equity of 6.63%. The company had revenue of $385.40 million during the quarter, compared to the consensus estimate of $400.85 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was up 24.2% compared to the same quarter last year. equities research analysts forecast that Cabot Oil & Gas will post 0.5 EPS for the current fiscal year.
In other news, Director Robert Kelley purchased 2,000 shares of Cabot Oil & Gas stock in a transaction that occurred on Tuesday, October 31st. The shares were bought at an average cost of $27.47 per share, with a total value of $54,940.00. Following the completion of the purchase, the director now directly owns 619,500 shares in the company, valued at $17,017,665. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Dan O. Dinges sold 66,610 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $27.92, for a total value of $1,859,751.20. Following the completion of the sale, the chairman now directly owns 2,887,018 shares in the company, valued at $80,605,542.56. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Cabot Oil & Gas by 2.4% in the second quarter. Vanguard Group Inc. now owns 47,590,931 shares of the oil and gas exploration company’s stock worth $1,193,580,000 after acquiring an additional 1,095,069 shares during the last quarter. FMR LLC grew its stake in shares of Cabot Oil & Gas by 16.5% in the second quarter. FMR LLC now owns 29,661,972 shares of the oil and gas exploration company’s stock worth $743,923,000 after acquiring an additional 4,192,976 shares during the last quarter. Sanders Capital LLC grew its stake in shares of Cabot Oil & Gas by 7.2% in the third quarter. Sanders Capital LLC now owns 29,212,930 shares of the oil and gas exploration company’s stock worth $839,952,000 after acquiring an additional 1,951,907 shares during the last quarter. Capital World Investors grew its stake in shares of Cabot Oil & Gas by 157.8% in the second quarter. Capital World Investors now owns 27,084,300 shares of the oil and gas exploration company’s stock worth $679,274,000 after acquiring an additional 16,579,300 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Cabot Oil & Gas by 0.6% in the second quarter. State Street Corp now owns 26,298,417 shares of the oil and gas exploration company’s stock worth $659,562,000 after acquiring an additional 151,019 shares during the last quarter. 95.64% of the stock is currently owned by hedge funds and other 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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