Shares of Cabot Oil & Gas Co. (NYSE:COG) gapped up prior to trading on Friday following a better than expected earnings announcement. 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 Thomson Reuters’ consensus estimate of $0.09 by $0.04. Cabot Oil & Gas had a positive return on equity of 6.63% and a negative net margin of 8.80%. The business had revenue of $400.50 million during the quarter, compared to analyst estimates of $422.12 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Shareholders of record on Wednesday, January 24th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Tuesday, January 23rd. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.05. Cabot Oil & Gas’s payout ratio is -77.42%.
Cabot Oil & Gas declared that its Board of Directors has initiated a stock buyback plan on Friday, February 23rd that allows the company to buyback 30,000,000 shares. This buyback authorization allows the oil and gas exploration company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have issued reports on COG shares. JPMorgan Chase & Co. set a $37.00 target price on Cabot Oil & Gas and gave the company a “buy” rating in a research report on Monday, November 27th. KeyCorp set a $30.00 target price on Cabot Oil & Gas and gave the company a “buy” rating in a research report on Saturday, November 25th. Scotiabank restated a “buy” rating on shares of Cabot Oil & Gas in a research report on Wednesday, November 22nd. Johnson Rice upgraded Cabot Oil & Gas from an “accumulate” rating to a “buy” rating in a research report on Monday, October 30th. Finally, BMO Capital Markets set a $33.00 target price on Cabot Oil & Gas and gave the company a “buy” rating in a research report on Monday, October 30th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $31.53.
Institutional investors have recently bought and sold shares of the company. Luminus Management LLC bought a new position in Cabot Oil & Gas in the fourth quarter worth approximately $135,232,000. Bank of New York Mellon Corp raised its stake in Cabot Oil & Gas by 66.9% in the fourth quarter. Bank of New York Mellon Corp now owns 7,019,410 shares of the oil and gas exploration company’s stock worth $200,757,000 after buying an additional 2,813,273 shares in the last quarter. Boston Partners bought a new position in Cabot Oil & Gas in the third quarter worth approximately $64,249,000. Element Capital Management LLC bought a new position in Cabot Oil & Gas in the fourth quarter worth approximately $61,284,000. Finally, Renaissance Technologies LLC raised its stake in Cabot Oil & Gas by 85.8% in the fourth quarter. Renaissance Technologies LLC now owns 4,086,500 shares of the oil and gas exploration company’s stock worth $116,874,000 after buying an additional 1,886,900 shares in the last quarter. 99.16% of the stock is owned by hedge funds and other institutional investors.
The firm has a market capitalization of $11,310.00, a P/E ratio of -78.90, a P/E/G ratio of 0.64 and a beta of 0.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.64 and a quick ratio of 1.61.
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About Cabot Oil & Gas
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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