Cabot Oil & Gas Corp. Coverage Initiated at Canaccord Genuity (COG)
Analysts at Canaccord Genuity assumed coverage on shares of Cabot Oil & Gas Corp. (NYSE:COG) in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $45.00 price target on the stock. Canaccord Genuity’s price objective indicates a potential upside of 22.55% from the stock’s previous close.
The analysts wrote, “We believe COG is simply put the best dry gas producer in the US today and that it can continue its growth in the northeast Marcellus Shale for years to come. The shift to pad drilling and numerous pipeline expansions in the region give us added assurance in COG’s growth.”
Cabot Oil & Gas Corp. (NYSE:COG) traded up 2.67% during mid-day trading on Tuesday, hitting $37.70. 1,371,441 shares of the company’s stock traded hands. Cabot Oil & Gas Corp. has a one year low of $20.15 and a one year high of $39.035. The stock’s 50-day moving average is $36.88 and its 200-day moving average is $33.96. The company has a market cap of $15.861 billion and a P/E ratio of 74.94.
Cabot Oil & Gas Corp. (NYSE:COG) last announced its earnings results on Wednesday, July 24th. The company reported $0.45 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.39 by $0.06. The company had revenue of $449.68 million for the quarter, compared to the consensus estimate of $435.32 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 69.3% on a year-over-year basis. On average, analysts predict that Cabot Oil & Gas Corp. will post $0.80 earnings per share for the current fiscal year.
COG has been the subject of a number of other recent research reports. Analysts at Jefferies Group raised their price target on shares of Cabot Oil & Gas Corp. from $44.00 to $47.00 in a research note to investors on Friday, August 2nd. They now have a “buy” rating on the stock. Separately, analysts at Sanford C. Bernstein downgraded shares of Cabot Oil & Gas Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday, July 30th. Finally, analysts at Oppenheimer upgraded shares of Cabot Oil & Gas Corp. from a “market perform” rating to an “outperform” rating in a research note to investors on Monday, July 29th. They now have a $100.00 price target on the stock.
Ten investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $74.56.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 23rd. Stockholders of record on Tuesday, August 6th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Friday, August 2nd.
Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties.
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