Cabot Oil & Gas (NYSE:COG) had its price target lowered by Citigroup from $28.00 to $26.00 in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the oil and gas exploration company’s stock.
A number of other brokerages have also commented on COG. Wells Fargo & Co upgraded shares of Cabot Oil & Gas from a market perform rating to an outperform rating and set a $28.00 price objective on the stock in a report on Monday, July 8th. TD Securities dropped their price objective on shares of Cabot Oil & Gas from $29.00 to $27.00 and set a buy rating on the stock in a report on Monday, July 29th. Morgan Stanley set a $23.00 price objective on shares of Cabot Oil & Gas and gave the stock a hold rating in a report on Monday, June 24th. Zacks Investment Research lowered shares of Cabot Oil & Gas from a buy rating to a hold rating in a report on Monday, May 20th. Finally, ValuEngine lowered shares of Cabot Oil & Gas from a sell rating to a strong sell rating in a report on Saturday, July 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $27.83.
COG traded down $0.46 during mid-day trading on Friday, hitting $18.27. The stock had a trading volume of 12,909,129 shares, compared to its average volume of 6,775,038. The business’s fifty day simple moving average is $22.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.70 and a quick ratio of 2.75. The firm has a market cap of $7.64 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 0.73 and a beta of 0.51. Cabot Oil & Gas has a 1-year low of $18.27 and a 1-year high of $27.65.
Cabot Oil & Gas announced that its Board of Directors has approved a share repurchase program on Friday, July 26th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the oil and gas exploration company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a dividend of $0.09 per share. The ex-dividend date is Wednesday, August 7th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.97%. Cabot Oil & Gas’s payout ratio is 31.86%.
In other Cabot Oil & Gas news, Director Peter B. Delaney purchased 9,000 shares of the stock in a transaction on Tuesday, July 30th. The shares were purchased at an average cost of $19.28 per share, for a total transaction of $173,520.00. Following the purchase, the director now owns 16,925 shares of the company’s stock, valued at $326,314. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of COG. Meridian Wealth Management LLC acquired a new stake in Cabot Oil & Gas in the 1st quarter valued at $25,000. Paragon Capital Management LLC acquired a new stake in Cabot Oil & Gas in the 1st quarter valued at $26,000. Carroll Financial Associates Inc. increased its stake in Cabot Oil & Gas by 192.9% in the 1st quarter. Carroll Financial Associates Inc. now owns 1,201 shares of the oil and gas exploration company’s stock valued at $31,000 after buying an additional 791 shares during the last quarter. Pearl River Capital LLC acquired a new stake in Cabot Oil & Gas in the 1st quarter valued at $32,000. Finally, Advisory Services Network LLC acquired a new stake in Cabot Oil & Gas in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.
About Cabot Oil & Gas
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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