UPDATE: Topeka Initiates Cabot Oil & Gas Corporation with Hold Ratingon Limited Upside
In a report published Wednesday, Topeka Capital Markets analyst Gabriele Sorbara initiated coverage on Cabot Oil & Gas Corporation (NYSE: COG) with a Hold rating and $74.00 price target.
In the report, Sorbara noted, “While we see limited upside at the current share price following the recent outperformance, COG is the best way to play the Marcellus shale, as well as the improving natural gas market. Despite our Hold rating at this time, COG is our favorite natural gas name, given its significant concentrated resource upside potential in the Marcellus shale play, and the strong visible production, reserve and cash flow growth from this asset. However, we are sitting on the sidelines, as we believe the sector volatility may provide an opportunistic entry point for a more favorable rating.”
Cabot Oil & Gas Corporation closed on Tuesday at $67.75.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.