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Cabot (COG) Q1 Earnings Beat on Price & Production Gains

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Earnings Beat: Texas-based domestic energy explorer Cabot Oil & Gas (COG - Free Report) reported first quarter adjusted net income per share of 73 cents, surpassing the Zacks Consensus Estimate of 64 cents.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been revised upward by a penny over the last seven days.

Cabot has a dismal earnings surprise history. The company missed estimates in three of the prior four quarters, with average negative earnings surprise of 9.12%.

Revenues Miss Estimates: Cabot posted revenues of 641.7 million, lagging Zacks Consensus Estimate of 676 million. The top line, however, increased 35% from the year-ago level.

Key Stats: Cabot’s overall production during the quarter totaled 204.8 Bcfe – 100% gas – up 20.7% from the prior year quarter volume of 169.6 Bcfe. 

The average realized natural gas price (excluding hedging) increased 23.6% from the year-ago quarter to $3.09 per thousand cubic feet. 

On a further encouraging note, the natural gas explorer raised its quarterly dividend by 29% to 9 cents per share.

Zacks Rank: Currently, Cabot carries a Zacks Rank #2 (Buy).

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this Cabot’s earnings report later!

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