23.94 0.00 (0.00%)
After hours: 6:00PM EDT
|Bid||23.03 x 1000|
|Ask||24.06 x 1000|
|Day's Range||23.50 - 23.99|
|52 Week Range||21.71 - 29.57|
|PE Ratio (TTM)||100.59|
|Earnings Date||Jul 27, 2018|
|Forward Dividend & Yield||0.24 (1.01%)|
|1y Target Est||28.12|
Hedge funds reduced their net bullish positions in US natural gas futures and options by 31% to 85,186 on July 3–10. The net-long positions also decreased ~3% YoY (year-over-year). The reduction suggests that hedge funds are turning less bullish or bearish on natural gas prices. The U.S. Commodity Futures Trading Commission released the latest positions data on July 13.
The current implied volatility for Cabot Oil & Gas stock (COG) is ~35.33%—1.46% higher than its 15-day average of 34.82%. Meanwhile, the Energy Select Sector SPDR ETF (XLE) has an implied volatility of 17.86%, ~8.36% lower than its 15-day average of $19.48.
Approximately 66.7% of analysts rate Cabot Oil & Gas (COG) a “buy.” The rest of the 33.3% rated COG a “hold.” The average broker target price of $28.05 for the company implies a return of ~20.67% in the next 12 months.
Investors were spooked by forecasts of cooler-than-normal weather that could lead to decrease in natural gas demand for air-conditioning.
Cabot Oil & Gas’s (COG) stock has seen weak performance this year compared to its oil-weighted peers. The natural gas–weighted stock has fallen ~5% year-over-year. Natural gas made up 97% of COG’s first-quarter production. Meanwhile, natural gas prices (UGAZ) have declined 7.29%.
The increasing growth in natural gas production from the Marcellus is constrained right now by the lack of available takeaway pipeline capacity to move it to new markets. Improved takeaway capacity could grow Marcellus production volumes for producers including Cabot Oil & Gas (COG).
Cabot Oil & Gas (COG) has provided a second-quarter production guidance range of 1,850 MMcfe (million cubic feet equivalent) per day to 1,900 MMcfe per day—or 1,875 MMcfe per day at the mid-point. While the company hasn’t provided the exact reason for the lower second-quarter production levels, the key driver could be COG’s Eagle Ford divestiture, which completed in the first quarter. Production from these properties was 15,656 barrels of oil equivalent in 3Q17, according to a press release in December 2017.
Cabot Oil & Gas (COG) plans to release its second-quarter earnings on July 27. Revenue estimates stand at ~$384.96 million. COG’s revenue was ~$460.57 million in the second quarter of 2017.
Independent Oil and Gas companies are non-integrated companies that receive nearly all of their revenues from production at the wellhead. On Thursday, shares in The Woodlands, Texas headquartered Anadarko Petroleum Corp. recorded a trading volume of 2.71 million shares. The Company's shares have gained 3.28% in the last month, 17.43% over the previous three months, and 68.17% over the past year.
Between July 3 and July 11, our list of natural gas–weighted stocks was flat, while natural gas August futures fell 1.4%.
The natural gas–weighted stocks on our list that are sensitive to US crude oil August futures’ movements based on their past five trading sessions’ correlations with US crude oil August futures are as follows: Chesapeake Energy (CHK) at 90.2% Antero Resources (AR) at 75.3% Range Resources (RRC) at 53.8% Gulfport Energy (GPOR) at 49.2% Cabot Oil & Gas (COG) at 37.2%
The Oil & Gas Conference® 2018 presenting companies: - 40 North American shale E&Ps - 7 international E&Ps - 10 other producers - 9 oilfield service providers - 9 private E&Ps, midstream and data providers ...
On July 10, natural gas August futures closed at a premium of ~$0.11 to August 2019 futures. On July 3, the futures spread was at a premium of ~$0.17. On July 3–10, natural gas August futures fell 2.9%.
The natural gas rig count was at 187 last week—the same as the previous week. The natural gas rig count has fallen ~88.4% from its record level of 1,606 in 2008. However, US natural gas marketed production rose ~45.8% between January 2008 and April 2018 despite the natural gas–targeted rig count falling. As a result, natural gas active futures have fallen 64.5% since January 2008.
While hedge funds’ net bullish positions in US natural gas futures and options dropped by 26% to 122,699 contracts between June 26 and July 3, they were up ~32.5% year-over-year. The US Commodity Futures Trading Commission released its latest positions data yesterday.
To conclude our series, we’ll discuss Wall Street analysts’ recommendations for the leading decliners in the first half of 2018 from the Energy Select Sector SPDR ETF (XLE).
Reuters estimates that US dry natural gas production in the lower 48 US states has averaged a record high of 80.2 Bcf (billion cubic feet) per day during the last 30 days. On a daily basis, US dry natural gas production rose to a new record of 81.4 Bcf per day on July 5, according to Reuters.
As of July 3, Cabot Oil & Gas’s (COG) short interest as a percentage of float (or short interest ratio) was ~4.59%. One year prior, it was 4.71%.
While most energy stocks have been red-hot this year thanks to higher oil prices, some have surprisingly gone in the opposite direction.
In the first half of 2018, Cabot Oil & Gas (COG) was the lowest-performing energy stock from the Energy Select Sector SPDR ETF (XLE). Cabot Oil & Gas is a natural gas producer with operations in the Marcellus Shale and Eagle Ford Shale. In the first half, COG stock fell from its 2017 close of $28.60 to $23.80—a substantial decrease of ~17.0%.
Cabot Oil & Gas’s (COG) current implied volatility is ~36%, 8.16% higher than its 15-day average of 33.31%. Meanwhile, the Energy Select Sector SPDR ETF (XLE) has implied volatility of 20.2%, ~7.67% higher than its 15-day average of 18.76%.
In this part, we’ll see how hedge funds are positioning themselves in the leading first-half decliners from the Energy Select Sector SPDR ETF (XLE).
Approximately 66.66% of analysts covering Cabot Oil & Gas (COG) recommend “buy,” and 33.33% recommend “hold.” Their average target price of $28.05 for COG implies a ~19% return in the next 12 months. The highest target price for COG stock is $35, and the lowest is $22. In comparison, analysts’ target prices imply that EQT (EQT) could return 27.56% and Antero Resources (AR) could return 13.55%.