Wall Street brokerages forecast that Cabot Oil & Gas Co. (NYSE:COG) will report sales of $381.16 million for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Cabot Oil & Gas’ earnings. The lowest sales estimate is $365.90 million and the highest is $433.43 million. Cabot Oil & Gas reported sales of $460.46 million during the same quarter last year, which indicates a negative year over year growth rate of 17.2%. The business is scheduled to report its next earnings report on Thursday, July 26th.
On average, analysts expect that Cabot Oil & Gas will report full year sales of $1.87 billion for the current year, with estimates ranging from $1.79 billion to $1.99 billion. For the next year, analysts forecast that the company will report sales of $2.40 billion per share, with estimates ranging from $1.83 billion to $2.84 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Cabot Oil & Gas.
Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings results on Friday, April 27th. The oil and gas exploration company reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.01. Cabot Oil & Gas had a net margin of 6.51% and a return on equity of 10.56%. The firm had revenue of $473.20 million for the quarter, compared to analyst estimates of $471.25 million. During the same quarter last year, the firm posted $0.19 earnings per share. Cabot Oil & Gas’s revenue for the quarter was down 8.6% compared to the same quarter last year.
NYSE COG traded down $0.24 during mid-day trading on Monday, hitting $23.61. The company’s stock had a trading volume of 212,098 shares, compared to its average volume of 5,794,426. Cabot Oil & Gas has a 52-week low of $21.71 and a 52-week high of $29.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.40 and a current ratio of 2.42. The firm has a market capitalization of $10.63 billion, a price-to-earnings ratio of 49.56, a PEG ratio of 0.77 and a beta of 0.38.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 30th. Stockholders of record on Wednesday, May 16th were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, May 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.02%. Cabot Oil & Gas’s dividend payout ratio is currently 50.00%.
Cabot Oil & Gas announced that its board has initiated a share repurchase plan on Friday, February 23rd that permits the company to buyback 30,000,000 outstanding shares. This buyback authorization permits the oil and gas exploration company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Robert Kelley purchased 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 29th. The stock was acquired at an average price of $22.25 per share, with a total value of $1,112,500.00. Following the completion of the transaction, the director now owns 681,717 shares of the company’s stock, valued at $15,168,203.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Cabot Oil & Gas by 1.2% during the fourth quarter. BlackRock Inc. now owns 31,949,963 shares of the oil and gas exploration company’s stock worth $913,770,000 after buying an additional 365,252 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its position in shares of Cabot Oil & Gas by 3.3% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 10,042,209 shares of the oil and gas exploration company’s stock worth $287,206,000 after buying an additional 322,380 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Cabot Oil & Gas by 66.9% during 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. King Luther Capital Management Corp grew its position in shares of Cabot Oil & Gas by 1.7% during the fourth quarter. King Luther Capital Management Corp now owns 5,199,254 shares of the oil and gas exploration company’s stock worth $148,699,000 after buying an additional 87,394 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Cabot Oil & Gas by 538.3% in the first quarter. Millennium Management LLC now owns 4,961,299 shares of the oil and gas exploration company’s stock worth $118,972,000 after purchasing an additional 4,184,071 shares during the period. 95.46% of the stock is owned by institutional investors and hedge funds.
About Cabot Oil & Gas
Cabot Oil & Gas Corporation, an independent oil and gas company, explores for, exploits, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States. It primarily focuses on the Marcellus Shale with approximately 172,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania; and the Eagle Ford Shale with approximately 79,000 net acres in the oil window of the play located in Atascosa, Frio, and La Salle Counties, Texas.
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