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COG Cabot Oil & Gas

Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the exploration, development, and production of natural gas properties exclusively onshore in the United States. As of December 31, 2020, the Company had approximately 13.7 Tcfe of total proved reserves. Cabot’s 2020 net production was 100% natural gas from the Marcellus Shale in northeastern Pennsylvania. The Company’s success in developing abundant unconventional supplies of natural gas helps to support the goal of reducing total greenhouse gas emissions while achieving energy independence in the United States.

Company profile

COG stock data

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Calendar

30 Apr 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 185.24M 185.24M 185.24M 185.24M 185.24M 185.24M
Cash burn (monthly) (positive/no burn) 2.43M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 6.78M n/a n/a n/a n/a
Cash remaining n/a 178.46M n/a n/a n/a n/a
Runway (months of cash) n/a 73.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Apr 21 Boswell Robert S Common Stock Grant Aquire A No No 16.83 669 11.26K 80,241
15 Apr 21 Delaney Peter B Common Stock Grant Aquire A No No 16.83 1,115 18.77K 58,026
15 Apr 21 Kelley Robert Common Stock Grant Aquire A No No 16.83 1,560 26.25K 484,085
11 Mar 21 Matthew P Kerin Common Stock Sell Dispose S No No 19.4 19,000 368.6K 36,038
11 Mar 21 Steven W Lindeman Common Stock Sell Dispose S No No 19.34 35,500 686.57K 117,586

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

95.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 476 485 -1.9%
Opened positions 58 78 -25.6%
Closed positions 67 69 -2.9%
Increased positions 147 169 -13.0%
Reduced positions 181 179 +1.1%
13F shares
Current Prev Q Change
Total value 8.81B 7.52B +17.2%
Total shares 379.63M 386.94M -1.9%
Total puts 1.2M 2.37M -49.5%
Total calls 1.6M 1.27M +26.3%
Total put/call ratio 0.7 1.9 -60.1%
Largest owners
Shares Value Change
Vanguard 45.42M $852.98M +4.9%
Aristotle Capital Management 43.08M $809.01M +9.9%
STT State Street 32.1M $602.84M +11.3%
BLK Blackrock 29.88M $561.21M +5.2%
Capital World Investors 27.62M $518.8M +0.0%
JPM JPMorgan Chase & Co. 12.46M $233.98M +4.9%
FMR 11.46M $215.2M -25.4%
IVZ Invesco 10.79M $202.63M +14.5%
MN Manning & Napier 9.24M $173.46M +2.8%
Geode Capital Management 6.85M $128.28M +3.2%
Largest transactions
Shares Bought/sold Change
Menora Mivtachim 20K -5.46M -99.6%
FMR 11.46M -3.91M -25.4%
Aristotle Capital Management 43.08M +3.88M +9.9%
WFC Wells Fargo & Co. 857.63K -3.29M -79.3%
STT State Street 32.1M +3.25M +11.3%
BK Bank Of New York Mellon 5.43M -2.84M -34.3%
Vanguard 45.42M +2.14M +4.9%
PXGPE Phoenix 0 -1.95M EXIT
LSP Investment Advisors 567.85K -1.86M -76.6%
Citadel Advisors 1.73M +1.62M +1453.9%

Financial report summary

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Risks
  • Commodity prices fluctuate widely, and low prices for an extended period would likely have a material adverse impact on our business.
  • Drilling natural gas and oil wells is a high-risk activity.
  • Our proved reserves are estimates. Any material inaccuracies in our reserve estimates or underlying assumptions could cause the quantities and net present value of our reserves to be overstated or understated.
  • Future commodity price declines may result in write-downs of the carrying amount of our oil and gas properties, which could materially and adversely affect our results of operations.
  • Our producing properties are geographically concentrated in the Marcellus Shale in northeast Pennsylvania, making us vulnerable to risks associated with operating in one major geographic area.
  • Our future performance depends on our ability to find or acquire additional natural gas and oil reserves that are economically recoverable.
  • Strategic determinations, including the allocation of capital and other resources to strategic opportunities, are challenging, and our failure to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition and reduce our growth rate.
  • Our ability to sell our natural gas production and/or the prices we receive for our production could be materially harmed if we fail to obtain adequate services such as transportation and processing.
  • Acquired properties may not be worth what we pay due to uncertainties in evaluating recoverable reserves and other expected benefits, as well as potential liabilities.
  • The integration of the businesses and properties we may acquire could be difficult, and may divert management's attention away from our existing operations.
  • We face a variety of hazards and risks that could cause substantial financial losses.
  • We may not be insured against all of the operating risks to which we are exposed.
  • We have limited control over the activities on properties we do not operate.
  • Competition in our industry is intense, and many of our competitors have substantially greater financial and technological resources than we do, which could adversely affect our competitive position.
  • The loss of key personnel could adversely affect our ability to operate.
  • We have substantial capital requirements, and we may not be able to obtain needed financing on satisfactory terms, if at all.
  • Risks associated with our debt and the provisions of our debt agreements could adversely affect our business, financial position and results of operations.
  • The borrowing base under our revolving credit facility may be reduced, which could limit us in the future.
  • We may have hedging arrangements that expose us to risk of financial loss and limit the benefit to us of increases in prices for natural gas.
  • Negative public perception regarding us and/or our industry could have an adverse effect on our operations.
  • We are subject to complex laws and regulations, including environmental and safety regulations, which can adversely affect the cost, manner or feasibility of doing business.
  • Oil and natural gas production operations, especially those using hydraulic fracturing, are substantially dependent on the availability of water. Our ability to produce natural gas economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in an environmentally safe manner.
  • Federal and state legislation, judicial actions and regulatory initiatives related to oil and gas development and the use of hydraulic fracturing could result in increased costs and operating restrictions or delays and adversely affect our business, financial condition, results of operations and cash flows.
  • Climate change and climate change legislation and regulatory initiatives could result in increased operating costs and decreased demand for the oil and natural gas that we produce.
  • We are subject to a number of privacy and data protection laws, rules and directives (collectively, data protection laws) relating to the processing of personal data.
  • Tax law changes could have an adverse effect on our financial position, results of operations, and cash flows.
  • Business disruptions from unexpected events, including pandemics, health crises and natural disasters, may increase our cost of doing business or disrupt our operations.
  • Cyber-attacks targeting our systems, the oil and gas industry systems and infrastructure, or the systems of our third-party service providers could adversely affect our business.
  • Provisions of Delaware law and our bylaws and charter could discourage change in control transactions and prevent stockholders from receiving a premium on their investment.
  • The personal liability of our directors for monetary damages for breach of their fiduciary duty of care is limited by the Delaware General Corporation Law and by our charter.
Management Discussion
  • We reported net income in the first three months of 2021 of $126.4 million, or $0.32 per share, compared to net income of $53.9 million, or $0.14 per share, in the first three months of 2020. The increase in net income was primarily due to higher operating revenues and lower operating expenses, partially offset by higher income tax expense.
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