Cabot Oil & Gas (COG) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research downgraded shares of Cabot Oil & Gas (NYSE:COG) from a strong-buy rating to a hold rating in a report published on Thursday morning.
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.”
Several other research firms also recently weighed in on COG. KeyCorp set a $30.00 price target on shares of Cabot Oil & Gas and gave the company a buy rating in a research note on Saturday, November 25th. JPMorgan Chase & Co. set a $37.00 target price on shares of Cabot Oil & Gas and gave the stock a buy rating in a research report on Monday, November 27th. Barclays boosted their target price on shares of Cabot Oil & Gas from $31.00 to $32.00 and gave the stock an overweight rating in a research report on Monday, November 20th. Scotiabank reissued a buy rating on shares of Cabot Oil & Gas in a research report on Wednesday, November 22nd. Finally, Drexel Hamilton downgraded shares of Cabot Oil & Gas from a buy rating to a hold rating in a research report on Tuesday, November 7th. Three equities 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 company. The stock currently has a consensus rating of Hold and a consensus price target of $30.95.
Cabot Oil & Gas (NYSE COG) traded up $0.10 on Thursday, reaching $28.86. 2,767,328 shares of the company’s stock traded hands, compared to its average volume of 4,898,775. Cabot Oil & Gas has a 12-month low of $20.55 and a 12-month high of $29.57. The company has a current ratio of 1.64, a quick ratio of 1.61 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $13,300.00, a P/E ratio of -90.19, a P/E/G ratio of 0.97 and a beta of 0.53.
Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings results on Friday, October 27th. The oil and gas exploration company reported $0.07 earnings per share for the quarter, missing the 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 period last year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was up 24.2% on a year-over-year basis. analysts forecast that Cabot Oil & Gas will post 0.5 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 7th. Shareholders of record on Wednesday, January 24th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.83%. This is an increase from Cabot Oil & Gas’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, January 23rd. Cabot Oil & Gas’s dividend payout ratio is presently -62.50%.
In related news, Director Robert Kelley bought 2,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were purchased at an average cost of $27.47 per share, for a total transaction 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 filing with the SEC, which is available at the SEC website. Also, Chairman Dan O. Dinges sold 66,610 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $27.92, for a total transaction of $1,859,751.20. Following the completion of the transaction, the chairman now 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 insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC boosted its stake in Cabot Oil & Gas by 11.5% in the third quarter. Parametric Portfolio Associates LLC now owns 1,020,777 shares of the oil and gas exploration company’s stock valued at $27,306,000 after acquiring an additional 105,171 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Cabot Oil & Gas in the third quarter valued at about $303,000. Tortoise Capital Advisors L.L.C. boosted its stake in Cabot Oil & Gas by 31.8% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 693,177 shares of the oil and gas exploration company’s stock valued at $18,542,000 after acquiring an additional 167,083 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Cabot Oil & Gas by 2.6% in the third quarter. Sterling Capital Management LLC now owns 447,800 shares of the oil and gas exploration company’s stock valued at $11,979,000 after acquiring an additional 11,500 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in shares of Cabot Oil & Gas by 3.4% during the 3rd quarter. Neuberger Berman Group LLC now owns 21,373,544 shares of the oil and gas exploration company’s stock valued at $571,742,000 after buying an additional 708,814 shares in the last quarter. Hedge funds and other institutional investors own 95.64% of the company’s stock.
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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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