Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

Cabot (COG) Posts In-Line Q1 Loss, Beats on Revenues

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 2016 earnings report which has just released.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Cabot meets loss estimates. Loss per share (excluding special items) came in at 13 cent, in line with the Zacks Consensus Estimate.

Revenue: Revenue beats expectations. Revenue of $281.9 million was above the Zacks Consensus Estimate of $261 million.

Key Stats: Cabot’s overall production during the quarter totaled 160.3 billion cubic feet equivalent (Bcfe) – 95.5% gas – down from the prior year quarter volume of 171.4 Bcfe. Natural gas output was 153.1 Bcf, while liquids production came in at 1,202 thousand barrels (MBbl). The average realized natural gas price (excluding hedges) was down 33.2% from the year-ago quarter to $1.49 per thousand cubic feet, while average crude/condensate price realization fell 37% to $27.65 per barrel. Meanwhile, natural gas liquids fetched $7.22 per barrel as against $11.06 a year back.

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.