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Cabot to Face Fresh Trial as Court Reverses $4.2M Verdict
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Domestic energy explorer Cabot Oil & Gas Corp. was relieved when the U.S. Magistrate Judge Martin C. Carlson, overruled the jury’s award verdict against the company and ordered a new trial. Cabot has been accused of contaminating groundwater in a Pennsylvania town.
Carlson overturned the jury’s $4.2 million award for the Dimock plaintiffs on account of weakness and irregularities in their testimony and arguments as well as regrettable missteps by their attorney. Carlson turned down Cabot’s request to pass a judgment in favor of the company and ordered a new trial.
Cabot has maintained its stance that their drilling operations are safe and are not responsible for any methane content in the water wells of residents. The company is confident to get acquitted after thorough analysis of evidences. Meanwhile, the plaintiffs have thought of appealing to the Third Circuit U.S. Court of Appeals.
Case Recap
Cabot had ramped up its drilling activity in the Marcellus shale in 2008 and the Dimock residents had filed a lawsuit against the company in 2009. The original 2009 case included more than 40 Dimock residents who complained that the company’s drilling operations were polluting their drinking water. However, all the residents had made an out-of-court settlement except the families of Ely and Hubert.
In Mar 2016, a jury of 10 people issued a ruling against Cabot holding the company responsible for groundwater contamination. The jury had ordered Cabot to pay $2.75 million to Elys and $1.49 million to Huberts.
Zacks Rank & Key Picks
Cabot, based in Houston, TX, is an independent oil and gas exploration company with producing properties mainly in the continental U.S.
Over the past one month, the Zacks categorized U.S. Oil and Gas Exploration and Production industry declined by 3.7%. However, Cabot has outperformed the industry by registering growth 3.3%
However, Cabot reported a negative average earnings surprise of 10.10% in the last four quarters.
The company currently carries a Zacks Rank #3 (Hold).
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Penn Virginia reported positive average earnings surprise of 36.67% in the trailing four quarters.
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Cabot to Face Fresh Trial as Court Reverses $4.2M Verdict
Domestic energy explorer Cabot Oil & Gas Corp. was relieved when the U.S. Magistrate Judge Martin C. Carlson, overruled the jury’s award verdict against the company and ordered a new trial. Cabot has been accused of contaminating groundwater in a Pennsylvania town.
Carlson overturned the jury’s $4.2 million award for the Dimock plaintiffs on account of weakness and irregularities in their testimony and arguments as well as regrettable missteps by their attorney. Carlson turned down Cabot’s request to pass a judgment in favor of the company and ordered a new trial.
Cabot has maintained its stance that their drilling operations are safe and are not responsible for any methane content in the water wells of residents. The company is confident to get acquitted after thorough analysis of evidences. Meanwhile, the plaintiffs have thought of appealing to the Third Circuit U.S. Court of Appeals.
Case Recap
Cabot had ramped up its drilling activity in the Marcellus shale in 2008 and the Dimock residents had filed a lawsuit against the company in 2009. The original 2009 case included more than 40 Dimock residents who complained that the company’s drilling operations were polluting their drinking water. However, all the residents had made an out-of-court settlement except the families of Ely and Hubert.
In Mar 2016, a jury of 10 people issued a ruling against Cabot holding the company responsible for groundwater contamination. The jury had ordered Cabot to pay $2.75 million to Elys and $1.49 million to Huberts.
Zacks Rank & Key Picks
Cabot, based in Houston, TX, is an independent oil and gas exploration company with producing properties mainly in the continental U.S.
Over the past one month, the Zacks categorized U.S. Oil and Gas Exploration and Production industry declined by 3.7%. However, Cabot has outperformed the industry by registering growth 3.3%
However, Cabot reported a negative average earnings surprise of 10.10% in the last four quarters.
The company currently carries a Zacks Rank #3 (Hold).
Better-ranked players from the same industry include Antero Resources Corporation (AR - Free Report) , Penn Virginia Corporation and Pioneer Natural Resources Company (PXD - Free Report) . All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Penn Virginia reported positive average earnings surprise of 36.67% in the trailing four quarters.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>