Icon Advisers Inc. Co. Reduces Stake in Cabot Oil & Gas Co. (COG)

Icon Advisers Inc. Co. decreased its stake in shares of Cabot Oil & Gas Co. (NYSE:COG) by 33.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 280,240 shares of the oil and gas exploration company’s stock after selling 143,380 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Cabot Oil & Gas were worth $6,311,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Cabot Oil & Gas by 59.4% in the second quarter. Bank of New York Mellon Corp now owns 10,968,674 shares of the oil and gas exploration company’s stock valued at $261,055,000 after acquiring an additional 4,087,096 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased 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 acquiring an additional 2,403,213 shares during the period. Point72 Asset Management L.P. increased its stake in Cabot Oil & Gas by 67.5% in the second quarter. Point72 Asset Management L.P. now owns 3,410,628 shares of the oil and gas exploration company’s stock valued at $81,173,000 after acquiring an additional 1,374,966 shares during the period. Marshall Wace LLP bought a new stake in Cabot Oil & Gas in the second quarter valued at about $27,858,000. Finally, Millennium Management LLC increased its stake in Cabot Oil & Gas by 19.9% in the second quarter. Millennium Management LLC now owns 5,947,652 shares of the oil and gas exploration company’s stock valued at $141,554,000 after acquiring an additional 986,353 shares during the period. Institutional investors own 96.03% of the company’s stock.

A number of analysts recently weighed in on COG shares. Morgan Stanley upped their target price on shares of Cabot Oil & Gas from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, July 12th. TD Securities reissued a “buy” rating and issued a $30.00 target price (up previously from $29.00) on shares of Cabot Oil & Gas in a research note on Friday, July 27th. UBS Group raised shares of Cabot Oil & Gas from a “neutral” rating to a “positive” rating in a research note on Monday, July 30th. Susquehanna Bancshares raised shares of Cabot Oil & Gas from a “neutral” rating to a “positive” rating and upped their target price for the company from $27.00 to $28.00 in a research note on Monday, July 30th. Finally, Evercore ISI raised shares of Cabot Oil & Gas from an “in-line” rating to an “outperform” rating and upped their target price for the company from $28.00 to $30.00 in a research note on Friday, September 7th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $28.95.

NYSE:COG opened at $25.79 on Wednesday. The stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 0.79 and a beta of 0.27. Cabot Oil & Gas Co. has a 12 month low of $20.94 and a 12 month high of $29.57. The company has a current ratio of 1.69, a quick ratio of 1.66 and a debt-to-equity ratio of 0.58.

Cabot Oil & Gas (NYSE:COG) last released its quarterly earnings results on Friday, October 26th. The oil and gas exploration company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $545.10 million during the quarter, compared to analyst estimates of $482.74 million. Cabot Oil & Gas had a net margin of 12.69% and a return on equity of 14.87%. Cabot Oil & Gas’s quarterly revenue was up 41.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 earnings per share. Research analysts predict that Cabot Oil & Gas Co. will post 1.03 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Wednesday, November 7th will be given a $0.07 dividend. The ex-dividend date of this dividend is Tuesday, November 6th. This is a positive change from Cabot Oil & Gas’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 1.09%. Cabot Oil & Gas’s payout ratio is 50.00%.

TRADEMARK VIOLATION NOTICE: “Icon Advisers Inc. Co. Reduces Stake in Cabot Oil & Gas Co. (COG)” was posted by WKRB News and is the property of of WKRB News. If you are accessing this news story on another domain, it was copied illegally and republished in violation of U.S. and international copyright & trademark legislation. The correct version of this news story can be accessed at https://www.wkrb13.com/2018/11/07/icon-advisers-inc-co-reduces-stake-in-cabot-oil-gas-co-cog.html.

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.

See Also: Does the discount rate affect the economy?

Want to see what other hedge funds are holding COG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cabot Oil & Gas Co. (NYSE:COG).

Institutional Ownership by Quarter for Cabot Oil & Gas (NYSE:COG)

Receive News & Ratings for Cabot Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cabot Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply