Cabot Oil & Gas (NYSE:COG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $32.00 price target on the oil and gas exploration company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.71% from the stock’s previous close.
According to Zacks, “Shares of Cabot have surged 28% in the last twelve months, handily outperforming the broader industry's decline of 15.6%. The company'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.The company has managed to generate positive free cash flow for the six consecutive quarters and is likely to achieve more of the same in the near-to-medium term. All these factors form the basis of our bullish stance on the prospects of the stock.”
COG has been the subject of several other reports. Scotiabank set a $32.00 target price on shares of Cabot Oil & Gas and gave the company a “buy” rating in a research note on Saturday, October 21st. Morgan Stanley reaffirmed a “sell” rating on shares of Cabot Oil & Gas in a research note on Thursday, December 14th. Cowen reaffirmed a “buy” rating and set a $30.00 target price on shares of Cabot Oil & Gas in a research note on Tuesday, September 12th. Barclays raised their target price on shares of Cabot Oil & Gas from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, October 11th. Finally, Williams Capital set a $30.00 target price on shares of Cabot Oil & Gas and gave the company a “hold” rating in a research note on Thursday, December 21st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $30.95.
Cabot Oil & Gas (NYSE:COG) last posted its earnings results 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). The company had revenue of $385.40 million for the quarter, compared to analysts’ expectations of $400.85 million. Cabot Oil & Gas had a negative net margin of 8.80% and a positive return on equity of 6.63%. The business’s revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share. analysts anticipate that Cabot Oil & Gas will post 0.48 earnings per share for the current year.
In other news, Chairman Dan O. Dinges sold 66,610 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were 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 owns 2,887,018 shares in the company, valued at approximately $80,605,542.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Kelley bought 2,000 shares of the stock in a transaction dated Tuesday, October 31st. The stock was purchased at an average price of $27.47 per share, with a total value of $54,940.00. Following the acquisition, the director now directly owns 619,500 shares in the company, valued at approximately $17,017,665. The disclosure for this purchase can be found here. 1.60% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in COG. Westwood Holdings Group Inc. bought a new stake in shares of Cabot Oil & Gas in the 2nd quarter worth about $100,000. Advisors Asset Management Inc. bought a new stake in shares of Cabot Oil & Gas in the 3rd quarter worth about $130,000. Pinebridge Investments L.P. bought a new stake in shares of Cabot Oil & Gas in the 2nd quarter worth about $163,000. Private Advisor Group LLC bought a new stake in shares of Cabot Oil & Gas in the 2nd quarter worth about $201,000. Finally, Reliance Trust Co. of Delaware bought a new stake in shares of Cabot Oil & Gas in the 3rd quarter worth about $210,000. Hedge funds and other institutional investors own 95.64% of the company’s stock.
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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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