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Have you been eager to see how U.S. energy firm Cabot Oil & Gas Corporation (NYSE:COG) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Houston, TX-based company’s earnings release this morning:
About Cabot: Cabot Oil & Gas is an independent energy exploration company with producing properties mainly in the continental U.S. Cabot focuses on high-impact natural gas-focused drilling in the Marcellus Shale and supplements it with Eagle Ford-based liquids program in Texas.
Zacks Rank & Surprise History: Currently, Cabot has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company has a good record: it has reported average positive earnings surprise of 3.02% in the trailing four quarters.
Estimate Revision Trend: Investors should note that the earnings estimate revisions of Cabot for the current quarter and the current year were revised downwards by 1 cent over the last 7 days.
We have highlighted some of the key details from the just-released announcement below:
Earnings Miss: Earnings per share (excluding special items) came in at 7 cents, below the Zacks Consensus Estimate of 8 cents.
Revenue Came in Lower than Expected: Revenue of $385.4 million was below the Zacks Consensus Estimate of $407 million.
Key Stats: Cabot’s overall production during the quarter totaled 169.5 billion cubic feet equivalent (Bcfe) as against 150.8 Bcfe in the prior-year quarter. Natural gas output was 161.2 Bcf in the quarter under review; while crude oil production came in at 1,268 thousand barrels (MBbl) and natural gas liquids came at 124.7 thousand barrels (MBbl)
The average realized natural gas price improved by 16% from the year-ago quarter to $2.03 per thousand cubic feet, while average crude/condensate price realization rose 13% to $45.53 per barrel. Meanwhile, natural gas liquids fetched $17.04 per barrel, an increase of 35% compared to the third quarter of 2016.
Share Performance: Shares of Cabot have increased 5.5% year-to-date, while the broader industry lost 27% over the same period.
Check back later for our full write up on this Cabot earnings report later!
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