Northern Trust Corp Increases Stake in Cabot Oil & Gas Co. (NYSE:COG)

Northern Trust Corp grew its position in Cabot Oil & Gas Co. (NYSE:COG) by 6.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,086,014 shares of the oil and gas exploration company’s stock after purchasing an additional 325,345 shares during the period. Northern Trust Corp’s holdings in Cabot Oil & Gas were worth $116,775,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Meridian Wealth Management LLC purchased a new stake in shares of Cabot Oil & Gas in the first quarter valued at $25,000. Carroll Financial Associates Inc. raised its stake in shares of Cabot Oil & Gas by 50.4% in the second quarter. Carroll Financial Associates Inc. now owns 1,806 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 605 shares during the period. First Interstate Bank raised its stake in shares of Cabot Oil & Gas by 278.6% in the second quarter. First Interstate Bank now owns 1,893 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 1,393 shares during the period. Rational Advisors LLC raised its stake in shares of Cabot Oil & Gas by 951.7% in the second quarter. Rational Advisors LLC now owns 2,219 shares of the oil and gas exploration company’s stock valued at $51,000 after acquiring an additional 2,008 shares during the period. Finally, Zions Bancorporation N.A. purchased a new stake in shares of Cabot Oil & Gas in the first quarter valued at $55,000. 96.66% of the stock is currently owned by institutional investors and hedge funds.

COG stock traded up $0.03 during trading on Friday, hitting $18.68. The company had a trading volume of 173,956 shares, compared to its average volume of 7,154,531. The firm has a market capitalization of $7.78 billion, a P/E ratio of 16.55, a PEG ratio of 0.73 and a beta of 0.53. Cabot Oil & Gas Co. has a 52-week low of $16.01 and a 52-week high of $27.65. The company has a 50 day simple moving average of $17.69 and a 200-day simple moving average of $23.28. The company has a quick ratio of 2.61, a current ratio of 2.70 and a debt-to-equity ratio of 0.52.

Cabot Oil & Gas (NYSE:COG) last posted its earnings results on Friday, July 26th. The oil and gas exploration company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The business had revenue of $534.12 million for the quarter, compared to the consensus estimate of $476.10 million. Cabot Oil & Gas had a net margin of 34.51% and a return on equity of 34.79%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 EPS. Sell-side analysts forecast that Cabot Oil & Gas Co. will post 1.7 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Wednesday, August 7th. Cabot Oil & Gas’s dividend payout ratio (DPR) is 31.86%.

Cabot Oil & Gas declared that its board has approved a share repurchase plan on Friday, July 26th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the oil and gas exploration company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Cabot Oil & Gas from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. MKM Partners raised shares of Cabot Oil & Gas from a “neutral” rating to a “buy” rating in a research note on Monday, July 29th. TheStreet downgraded shares of Cabot Oil & Gas from a “b” rating to a “c+” rating in a research note on Tuesday, July 9th. TD Securities reduced their price target on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Finally, Wells Fargo & Co raised shares of Cabot Oil & Gas from a “market perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. Cabot Oil & Gas currently has an average rating of “Buy” and a consensus target price of $27.39.

In other Cabot Oil & Gas news, Chairman Dan O. Dinges bought 20,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were acquired at an average price of $16.34 per share, with a total value of $326,800.00. Following the transaction, the chairman now owns 3,104,405 shares of the company’s stock, valued at approximately $50,725,977.70. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter B. Delaney bought 9,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were acquired at an average cost of $19.28 per share, for a total transaction of $173,520.00. Following the transaction, the director now directly owns 16,925 shares in the company, valued at approximately $326,314. The disclosure for this purchase can be found here. Insiders have acquired a total of 53,255 shares of company stock worth $895,416 in the last three months. Insiders own 1.90% of the company’s stock.

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 174,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.

See Also: Exchange-Traded Funds (ETFs)

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

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