Company Update (NYSE:COG): Constitution Pipeline Updates Projected In-Service Date
Cabot Oil & Gas Corporation (NYSE:COG) announced that Constitution Pipeline Company, LLC (“Constitution”) has updated its in-service date projection from the fourth quarter of 2016 to the second half of 2017. This adjustment is to ensure compliance with the environmental conditions of the Federal Energy Regulatory Commission (“FERC”) Order, as well as the U.S. Fish and Wildlife Service (“USFWS”) Biological Opinion. Specifically, the in-service date adjustment is in response to the rapidly closing environmental window to complete tree felling activities prior to March 31. To date, Constitution has completed nearly all tree felling activities in Pennsylvania. Assuming Constitution receives the final Notice to Proceed in time to complete stream crossing activities during the summer window this year, the pipeline could be in-service as early as August 2017.
“While this adjustment to the in-service date is disappointing, we are optimistic that the Constitution Pipeline will be placed in service during 2017 to help meet the growing natural gas demand in New York and New England,” commented Dan O. Dinges, Chairman, President and Chief Executive Officer. “Based on this updated projected in-service date, along with the timing laid out by the FERC in yesterday’s Notice of Schedule for Environmental Review for the Atlantic Sunrise pipeline, Cabot anticipates having approximately 1.35 billion cubic feet (Bcf) per day of incremental takeaway capacity to favorably priced markets by the end of 2017.” (Original Source)
Shares of Cabot Oil & Gas Corp opened today at $21.91. COG has a 1-year high of $35.64 and a 1-year low of $14.88. The stock’s 50-day moving average is $20.22 and its 200-day moving average is $20.37.
On the ratings front, Cabot Oil & Gas Corp (NYSE: COG) has been the subject of a number of recent research reports. In a report issued on February 23, Topeka analyst Gabriele Sorbara reiterated a Buy rating on COG, with a price target of $27, which represents a potential upside of 23.2% from where the stock is currently trading. Separately, on February 22, Barclays’ Jeffrey Robertson reiterated a Hold rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gabriele Sorbara and Jeffrey Robertson have a total average return of -15.9% and 0.9% respectively. Sorbara has a success rate of 35.6% and is ranked #3646 out of 3694 analysts, while Robertson has a success rate of 43.8% and is ranked #1367.
Cabot Oil & Gas Corp is an independent oil and gas company engaged in the development and exploration of oil and gas properties located in North America.