Cabot Oil & Gas Corp. (COG), based in Houston, Texas, is an independent oil and gas exploration company with producing properties mainly in the continental U.S. Founded over 100 years ago in Pennsylvania, Cabot originally operated in the Appalachian Mountains of the eastern U.S. before moving the bulk of its activities to the Gulf Coast.
Today, the company has three domestic focus areas: the Appalachian Basin, east Texas, and Rocky Mountains. Cabot mainly concentrates on high-impact natural gas-focused drilling in the Marcellus Shale and supplements it with Eagle Ford-based liquids program in Texas' Eagle Ford play.
Currently, Cabot has a Zacks Rank #3 (Hold) but that could change following its first quarter 2015 earnings report which has just released. The company has an unimpressive track record though: it has missed estimates in 3 of the last four quarters at an average rate of 5.22%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Cabot beats on earnings. Earnings per share (excluding special items including stock-based compensation) came in at 11 cents, outperforming the Zacks Consensus Estimate of 4 cents.
Revenue: Revenues above expectations. Revenues of $464.8 million also topped the Zacks Consensus Estimate of $433 million.
Key Stats: Cabot’s overall production during the quarter totaled 171.4 billion cubic feet equivalent (Bcfe) – 94% gas – up 43% from the prior year quarter. Natural gas volumes surged 40% year over year to 161.8 Bcf, while liquids output jumped 132% to 1,594 thousand barrels (MBbl). Strength in natural gas production was driven by the Marcellus region, where volume swelled 43%. The average realized natural gas price was down 34% from the year-ago quarter to $2.46 per thousand cubic feet, while average oil price realization decreased 55% to $43.82 per barrel.
Check back later for our full write up on this Cabot earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
CABOT OIL & GAS (COG): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research