Cabot Oil & Gas (COG) Stock Price Target Raised at Barclays
NEW YORK (TheStreet) -- Cabot Oil & Gas' (COG) - Get Report price target was increased to $20 from $19 at Barclays on Monday morning. The firm also reiterated its "equal weight" rating on the stock.
The higher price target comes after the Houston-based oil and gas company posted better-than-expected results for the 2016 first quarter last week.
The company posted a net loss of 13 cents per share, narrower than the loss of 14 cents analysts had expected. Revenue came in at $281.9 million, above expectations of $263.5 million.
"We believe Cabot is well positioned with its strong NE Marcellus dry gas assets and robust balance sheet," the firm wrote in a note.
"Cabot has low leverage and ample liquidity. COG is among the least-levered names in our coverage. The company's borrowing base was recently approved unanimously by its 20 lenders. Cabot bolstered the balance sheet by issuing $995 million in equity in the first quarter," Barclays added.
The new price target reflects the firm's now higher production forecast and a reduction in its expense estimates.
Shares of Cabot are down by 0.26% to $23.33 at the start of trading on Monday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: COG
