Goldman Sachs Removes Cabot Oil & Gas Corp. From Conviction Buy List

Goldman Sachs is removing Cabot Oil & Gas Corp.

from its Conviction Buy List, but it still is on America's Buy List and has a $78 price target. In a note to clients, Goldman Sachs writes, "Cabot shares have been top performers since we added shares to the CL on March 14, 2011 (+45% vs. +1% for EPX index, +3% for the S&P 500) and in the last year (+117% vs. +50% for EPX index, +31% for the S&P 500). Shares have received recognition for improving Marcellus Shale results and underestimated production growth for 2011 as new midstream solutions have allowed COG to bring on new wells. Also, gas-focused E&Ps have generally outperformed oily E&Ps since the Japan earthquake on March 9, 2011 due to positive long-term gas data points, favorable weather, and the decline in oil prices." Shares of COG are up $1.43 to $68.64, a gain of 2.1% in early Tuesday trade.