BlackRock Inc. Has $765.41 Million Stock Position in Cabot Oil & Gas Co. (NYSE:COG)

BlackRock Inc. lifted its stake in Cabot Oil & Gas Co. (NYSE:COG) by 12.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,336,617 shares of the oil and gas exploration company’s stock after acquiring an additional 3,708,150 shares during the period. BlackRock Inc. owned approximately 7.97% of Cabot Oil & Gas worth $765,408,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in COG. Carroll Financial Associates Inc. boosted its stake in Cabot Oil & Gas by 50.4% during the second quarter. Carroll Financial Associates Inc. now owns 1,806 shares of the oil and gas exploration company’s stock worth $41,000 after buying an additional 605 shares in the last quarter. Augustine Asset Management Inc. boosted its stake in Cabot Oil & Gas by 0.6% during the second quarter. Augustine Asset Management Inc. now owns 100,504 shares of the oil and gas exploration company’s stock worth $2,308,000 after buying an additional 635 shares in the last quarter. Seeyond boosted its stake in Cabot Oil & Gas by 1.1% during the second quarter. Seeyond now owns 60,167 shares of the oil and gas exploration company’s stock worth $1,381,000 after buying an additional 644 shares in the last quarter. Profund Advisors LLC boosted its stake in Cabot Oil & Gas by 4.1% during the second quarter. Profund Advisors LLC now owns 17,109 shares of the oil and gas exploration company’s stock worth $393,000 after buying an additional 669 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Cabot Oil & Gas by 2.2% during the second quarter. Janney Montgomery Scott LLC now owns 31,688 shares of the oil and gas exploration company’s stock worth $728,000 after buying an additional 684 shares in the last quarter. Institutional investors and hedge funds own 96.30% of the company’s stock.

Shares of NYSE COG opened at $18.37 on Friday. The stock has a market cap of $7.39 billion, a PE ratio of 16.26, a PEG ratio of 0.76 and a beta of 0.56. The business has a fifty day moving average of $18.05 and a two-hundred day moving average of $21.05. Cabot Oil & Gas Co. has a 52-week low of $16.01 and a 52-week high of $27.65. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.37 and a current ratio of 1.43.

Cabot Oil & Gas (NYSE:COG) last released its quarterly earnings results on Thursday, October 24th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.04. Cabot Oil & Gas had a return on equity of 34.92% and a net margin of 34.86%. The business had revenue of $429.11 million during the quarter, compared to analysts’ expectations of $453.73 million. During the same period in the previous year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was down 21.3% compared to the same quarter last year. Analysts predict that Cabot Oil & Gas Co. will post 1.59 earnings per share for the current year.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Wednesday, November 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.18%. This is a boost from Cabot Oil & Gas’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Tuesday, November 5th. Cabot Oil & Gas’s payout ratio is currently 35.40%.

In other Cabot Oil & Gas news, Director Rhys J. Best purchased 7,500 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average cost of $16.31 per share, with a total value of $122,325.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Dan O. Dinges purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average cost of $16.34 per share, with a total value of $326,800.00. Following the completion of the acquisition, the chairman now directly owns 3,104,405 shares of the company’s stock, valued at $50,725,977.70. The disclosure for this purchase can be found here. Insiders purchased 44,255 shares of company stock valued at $721,896 over the last ninety days. 1.90% of the stock is currently owned by company insiders.

COG has been the topic of a number of recent research reports. Tudor Pickering upgraded shares of Cabot Oil & Gas from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Friday, August 2nd. Susquehanna Bancshares downgraded shares of Cabot Oil & Gas from a “positive” rating to a “neutral” rating and set a $21.00 price target on the stock. in a research note on Monday, October 28th. Wolfe Research upgraded shares of Cabot Oil & Gas from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 19th. Williams Capital set a $22.00 price objective on Cabot Oil & Gas and gave the company a “hold” rating in a report on Monday, September 30th. Finally, TD Securities cut their price objective on Cabot Oil & Gas from $29.00 to $27.00 and set a “buy” rating for the company in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $27.07.

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.

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

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