Stock Update (NYSE:COG): Cabot Oil & Gas Corporation Announces Public Offering of Common Stock
Cabot Oil & Gas Corporation (NYSE:COG) announced that it is commencing a registered public offering of 38,000,000 shares of its common stock. The Company also expects to grant the underwriters an option for 30 days to purchase up to 5,700,000 additional shares of common stock. The Company expects to use the net proceeds from the offering for general corporate purposes, including repaying indebtedness under the Company’s revolving credit facility, bolstering liquidity and funding a portion of the Company’s capital program.
J.P. Morgan and BofA Merrill Lynch are acting as joint book-running managers for the offering. (Original Source)
Shares of Cabot closed today at $21.53, up $1.62 or 8.16%. 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 $18.69 and its 200-day moving average is $20.80.
On the ratings front, Cabot has been the subject of a number of recent research reports. In a report released today, Barclays analyst Jeffrey Robertson reiterated a Hold rating on COG, with a price target of $19, which implies a downside of 7.0% from current levels. Separately, on February 18, Drexel Hamilton’s Robert Christensen initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeffrey Robertson and Robert Christensen have a total average return of 0.8% and -26.8% respectively. Robertson has a success rate of 41.6% and is ranked #1271 out of 3637 analysts, while Christensen has a success rate of 21.4% and is ranked #3580.
The street is mostly Neutral on COG stock. Out of 7 analysts who cover the stock, 4 suggest a Hold rating and 3 recommend to Buy the stock.
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.