BlackRock Inc. lifted its stake in Cabot Oil & Gas Co. (NYSE:COG) by 1.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 31,949,963 shares of the oil and gas exploration company’s stock after acquiring an additional 365,252 shares during the period. BlackRock Inc. owned about 0.07% of Cabot Oil & Gas worth $913,770,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COG. Advisors Asset Management Inc. bought a new stake in shares of Cabot Oil & Gas in the third quarter valued at about $130,000. MHI Funds LLC bought a new stake in shares of Cabot Oil & Gas in the fourth quarter valued at about $147,000. Reliance Trust Co. of Delaware bought a new stake in shares of Cabot Oil & Gas in the third quarter valued at about $210,000. Artisan Partners Limited Partnership bought a new stake in shares of Cabot Oil & Gas in the third quarter valued at about $223,000. Finally, Skba Capital Management LLC bought a new stake in shares of Cabot Oil & Gas in the third quarter valued at about $227,000. Institutional investors and hedge funds own 99.16% of the company’s stock.
COG has been the subject of several research reports. 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 Monday, October 30th. Barclays increased their target price on shares of Cabot Oil & Gas from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. BMO Capital Markets set a $33.00 target price on shares of Cabot Oil & Gas and gave the company a “buy” rating in a research note on Monday, October 30th. Johnson Rice upgraded shares of Cabot Oil & Gas from an “accumulate” rating to a “buy” rating in a research note on Monday, October 30th. Finally, Drexel Hamilton cut shares of Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. 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 assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.53.
Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings data on Friday, February 23rd. The oil and gas exploration company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.04. The company had revenue of $400.50 million during the quarter, compared to analyst estimates of $422.12 million. Cabot Oil & Gas had a negative net margin of 8.80% and a positive return on equity of 6.63%. The company’s revenue was up 26.5% on a year-over-year basis. During the same quarter last year, the business posted $0.01 earnings per share. equities research analysts forecast that Cabot Oil & Gas Co. will post 0.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 7th. Stockholders of record on Wednesday, January 24th were issued a dividend of $0.06 per share. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, January 23rd. This represents a $0.24 annualized dividend and a dividend yield of 0.98%. Cabot Oil & Gas’s dividend payout ratio (DPR) is presently -77.42%.
Cabot Oil & Gas announced that its board has authorized a stock buyback program on Friday, February 23rd that permits the company to buyback 30,000,000 shares. This buyback authorization permits the oil and gas exploration company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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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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