Cabot Oil & Gas (COG) Trading 7.1% Higher Following Dividend Announcement

Cabot Oil & Gas Co. (NYSE:COG) shares traded up 7.1% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $23.34 and last traded at $22.92. 15,545,709 shares changed hands during trading, an increase of 159% from the average session volume of 5,994,510 shares. The stock had previously closed at $21.40.

The newly announced dividend which will be paid on Friday, November 16th. Investors of record on Wednesday, November 7th will be given a $0.07 dividend. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.22%. Cabot Oil & Gas’s payout ratio is currently 50.00%.

Several equities research analysts recently commented on the stock. Williams Capital set a $26.00 price objective on shares of Cabot Oil & Gas and gave the stock a “hold” rating in a research report on Friday. Susquehanna Bancshares upgraded shares of Cabot Oil & Gas from a “neutral” rating to a “positive” rating and boosted their price objective for the stock from $27.00 to $28.00 in a research report on Monday, July 30th. Morgan Stanley boosted their price objective on shares of Cabot Oil & Gas from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, July 12th. ValuEngine lowered shares of Cabot Oil & Gas from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Zacks Investment Research lowered shares of Cabot Oil & Gas from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $28.89.



The company has a market cap of $10.22 billion, a price-to-earnings ratio of 47.75, a PEG ratio of 0.80 and a beta of 0.41. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.64 and a current ratio of 1.67.

Cabot Oil & Gas (NYSE:COG) last announced its earnings results on Friday, October 26th. The oil and gas exploration company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). Cabot Oil & Gas had a net margin of 7.75% and a return on equity of 10.84%. The firm had revenue of $545.10 million during the quarter, compared to analyst estimates of $482.74 million. During the same period in the previous year, the firm posted $0.07 EPS. The company’s revenue for the quarter was up 41.4% compared to the same quarter last year. As a group, research analysts anticipate that Cabot Oil & Gas Co. will post 0.97 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC acquired a new position in Cabot Oil & Gas in the 2nd quarter valued at about $123,000. Cornerstone Wealth Management LLC acquired a new position in Cabot Oil & Gas in the 2nd quarter valued at about $324,000. Cerebellum GP LLC raised its stake in Cabot Oil & Gas by 198.9% in the 3rd quarter. Cerebellum GP LLC now owns 7,671 shares of the oil and gas exploration company’s stock valued at $173,000 after purchasing an additional 5,105 shares during the last quarter. Parkwood LLC acquired a new position in Cabot Oil & Gas in the 2nd quarter valued at about $212,000. Finally, Welch & Forbes LLC acquired a new position in Cabot Oil & Gas in the 2nd quarter valued at about $214,000. 94.67% of the stock is owned by hedge funds and other institutional investors.

About Cabot Oil & Gas (NYSE:COG)

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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