M&T Bank Corp cut its position in shares of Cabot Oil & Gas Co. (NYSE:COG) by 23.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,777 shares of the oil and gas exploration company’s stock after selling 7,289 shares during the period. M&T Bank Corp’s holdings in Cabot Oil & Gas were worth $570,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Stephens Investment Management Group LLC raised its stake in shares of Cabot Oil & Gas by 15.1% during the 1st quarter. Stephens Investment Management Group LLC now owns 854,571 shares of the oil and gas exploration company’s stock worth $20,493,000 after purchasing an additional 112,185 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Cabot Oil & Gas by 1.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,655,653 shares of the oil and gas exploration company’s stock worth $63,683,000 after purchasing an additional 38,387 shares in the last quarter. Wrapmanager Inc. purchased a new stake in shares of Cabot Oil & Gas during the 1st quarter worth about $248,000. American Century Companies Inc. purchased a new stake in shares of Cabot Oil & Gas during the 1st quarter worth about $1,093,000. Finally, Trexquant Investment LP purchased a new stake in shares of Cabot Oil & Gas during the 1st quarter worth about $4,809,000. 95.46% of the stock is owned by institutional investors.
In other Cabot Oil & Gas news, Director Robert Kelley bought 50,000 shares of the stock in a transaction on Tuesday, May 29th. The shares were purchased at an average price of $22.25 per share, with a total value of $1,112,500.00. Following the acquisition, the director now directly owns 681,717 shares of the company’s stock, valued at approximately $15,168,203.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.
A number of research firms have recently weighed in on COG. Stifel Nicolaus began coverage on Cabot Oil & Gas in a research note on Tuesday, May 22nd. They set a “hold” rating and a $22.00 price target for the company. ValuEngine raised Cabot Oil & Gas from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. Morgan Stanley cut their price target on Cabot Oil & Gas from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, May 24th. Seaport Global Securities reissued a “buy” rating on shares of Cabot Oil & Gas in a report on Tuesday, April 24th. Finally, LADENBURG THALM/SH SH set a $34.00 price objective on Cabot Oil & Gas and gave the company a “buy” rating in a report on Friday, April 27th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. Cabot Oil & Gas presently has a consensus rating of “Hold” and an average target price of $30.11.
COG opened at $23.61 on Friday. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 49.19, a price-to-earnings-growth ratio of 0.77 and a beta of 0.38. The company has a current ratio of 2.42, a quick ratio of 2.40 and a debt-to-equity ratio of 0.51. Cabot Oil & Gas Co. has a 12-month low of $21.71 and a 12-month high of $29.57.
Cabot Oil & Gas (NYSE:COG) last released its earnings results on Friday, April 27th. The oil and gas exploration company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.01. The firm had revenue of $473.20 million for the quarter, compared to analyst estimates of $471.25 million. Cabot Oil & Gas had a return on equity of 10.56% and a net margin of 6.51%. The company’s revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. research analysts expect that Cabot Oil & Gas Co. will post 1.02 EPS for the current fiscal year.
Cabot Oil & Gas announced that its Board of Directors has authorized a stock buyback program 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 buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 30th. Shareholders of record on Wednesday, May 16th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Tuesday, May 15th. Cabot Oil & Gas’s dividend payout ratio (DPR) is currently 50.00%.
Cabot Oil & Gas Profile
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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