Drexel Hamilton raised the price target on the shares of Cabot Oil & Gas Corporation to $35 from $31, saying that its review of the firm's pipeline transport and sales additions indicate a strong likelihood that its Marcellus shale natural gas production could double over the next 24 months.The brokerage expects Cabot's Marcellus shale production to rise from 1.6 Bcf/d currently to 3.9 Bcf/d by YE'18."Our estimates remain premised on $3.15 and $3.30/Mcf 2017 and 2018 average U.S. natural gas prices and anticipate improved "basis" differentials (lesser regional discounts) of -$0.60/Mcf '16; -$0.30/Mcf '17; -$0.20/Mcf in '18 because of these new outlets for its production," analyst Robert Christensen wrote in a note.Full story