Investors Buy Cabot Oil & Gas Corp. (COG) on Weakness
Investors purchased shares of Cabot Oil & Gas Corp. (NYSE:COG) on weakness during trading hours on Wednesday. $20.89 million flowed into the stock on the tick-up and $7.84 million flowed out of the stock on the tick-down, for a money net flow of $13.05 million into the stock. Of all companies tracked, Cabot Oil & Gas Corp. had the 17th highest net in-flow for the day. Cabot Oil & Gas Corp. traded down ($0.40) for the day and closed at $25.61
Several research firms recently commented on COG. Barclays PLC raised their price target on shares of Cabot Oil & Gas Corp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Monday, May 2nd. JPMorgan Chase & Co. upgraded shares of Cabot Oil & Gas Corp. from a “neutral” rating to an “overweight” rating and set a $27.00 price target on the stock in a research report on Thursday, May 5th. Jefferies Group restated a “hold” rating on shares of Cabot Oil & Gas Corp. in a research report on Thursday, August 11th. Morgan Stanley dropped their price target on shares of Cabot Oil & Gas Corp. from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 26th. Finally, Zacks Investment Research lowered shares of Cabot Oil & Gas Corp. from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Cabot Oil & Gas Corp. presently has a consensus rating of “Hold” and a consensus target price of $27.00.
The firm’s market capitalization is $11.91 billion. The firm’s 50-day moving average price is $24.88 and its 200 day moving average price is $23.51.
Cabot Oil & Gas Corp. (NYSE:COG) last announced its quarterly earnings data on Friday, July 29th. The oil and gas exploration company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. The company had revenue of $246.80 million for the quarter, compared to analysts’ expectations of $270.13 million. The company’s revenue was down 19.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 earnings per share. On average, equities analysts expect that Cabot Oil & Gas Corp. will post ($0.15) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Wednesday, August 10th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Monday, August 8th. This represents a $0.08 annualized dividend and a dividend yield of 0.31%.
In other news, General Counsel George Kevin Cunningham sold 6,178 shares of the stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $25.32, for a total transaction of $156,426.96. Following the transaction, the general counsel now directly owns 38,990 shares in the company, valued at approximately $987,226.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
A number of hedge funds and institutional investors have bought and sold shares of COG. Schroder Investment Management Group raised its position in Cabot Oil & Gas Corp. by 3.8% in the fourth quarter. Schroder Investment Management Group now owns 2,175,000 shares of the oil and gas exploration company’s stock valued at $38,477,000 after buying an additional 79,153 shares during the last quarter. BlackRock Advisors LLC raised its position in Cabot Oil & Gas Corp. by 8.3% in the fourth quarter. BlackRock Advisors LLC now owns 1,741,684 shares of the oil and gas exploration company’s stock valued at $30,810,000 after buying an additional 132,914 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Cabot Oil & Gas Corp. by 112.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 293,464 shares of the oil and gas exploration company’s stock valued at $5,191,000 after buying an additional 155,158 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cabot Oil & Gas Corp. during the fourth quarter valued at approximately $4,315,000.
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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