Cabot Oil & Gas (COG) More Than Doubles Profits

NEW YORK (TheStreet) -- Cabot Oil & Gas (COG) stock is gaining Thursday after the company more than doubled its profits in its March-ending quarter.

By midafternoon, shares had climbed 5.4% to $38.09.

The oil and gas producer earned $109.72 million, or 26 cents a share, in its first quarter. A year earlier, the company reported $54.22 million, or 13 cents a share, in net income. 

Revenue climbed 37% year over year to $509.8 million over the three months to March.

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TheStreet Ratings team rates CABOT OIL & GAS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate CABOT OIL & GAS CORP (COG) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."

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