Bank of New York Mellon Corp raised its position in Cabot Oil & Gas Co. (NYSE:COG) by 59.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,968,674 shares of the oil and gas exploration company’s stock after purchasing an additional 4,087,096 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cabot Oil & Gas were worth $261,055,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of COG. Millennium Management LLC grew its stake 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 valued at $118,972,000 after purchasing an additional 4,184,071 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in Cabot Oil & Gas by 64.2% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 6,144,471 shares of the oil and gas exploration company’s stock valued at $146,238,000 after purchasing an additional 2,403,213 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in Cabot Oil & Gas in the first quarter valued at about $52,951,000. Rockefeller Capital Management L.P. purchased a new position in Cabot Oil & Gas in the first quarter valued at about $31,023,000. Finally, Copeland Capital Management LLC purchased a new position in Cabot Oil & Gas in the first quarter valued at about $12,267,000. Hedge funds and other institutional investors own 98.46% of the company’s stock.
In other Cabot Oil & Gas news, Director Robert Kelley acquired 50,000 shares of the business’s stock in a transaction that occurred on 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 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 legal filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by insiders.
Cabot Oil & Gas (NYSE:COG) last posted its quarterly earnings data on Friday, July 27th. The oil and gas exploration company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.05). Cabot Oil & Gas had a return on equity of 10.84% and a net margin of 7.75%. The business had revenue of $453.50 million for the quarter, compared to analyst estimates of $384.57 million. During the same period in the prior year, the firm posted $0.14 EPS. Cabot Oil & Gas’s revenue for the quarter was down 1.5% on a year-over-year basis. analysts expect that Cabot Oil & Gas Co. will post 1 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Thursday, August 9th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, August 8th. This represents a $0.24 annualized dividend and a dividend yield of 1.02%. Cabot Oil & Gas’s dividend payout ratio is presently 50.00%.
COG has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Cabot Oil & Gas from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, April 20th. Zacks Investment Research raised Cabot Oil & Gas from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 24th. Seaport Global Securities reaffirmed a “buy” rating on shares of Cabot Oil & Gas in a research report on Tuesday, April 24th. Williams Capital reaffirmed a “hold” rating and issued a $28.00 price target on shares of Cabot Oil & Gas in a research report on Friday, April 27th. Finally, LADENBURG THALM/SH SH set a $34.00 price target on Cabot Oil & Gas and gave the stock a “buy” rating in a research report on Friday, April 27th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $29.95.
Cabot Oil & Gas Company 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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