HOUSTON (AP) _ Cabot Oil & Gas Corp. (COG) on Thursday reported second-quarter profit of $30.4 million.
On a per-share basis, the Houston-based company said it had net income of 8 cents. Earnings, adjusted for one-time gains and costs, came to 5 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The independent oil and gas company posted revenue of $332.3 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $297.6 million.
Cabot shares have increased 4% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $18.13, a decline of 6% in the last 12 months.