UPDATE: Canaccord Initiates Cabot Oil & Gas with Buy on Best Market Position

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on

with a Buy rating and $45.00 price target. In the report, Canaccord Genuity noted, “We believe COG is simply put the best dry gas producer in the US today and that it can continue its growth in the northeast Marcellus Shale for years to come. The shift to pad drilling and numerous pipeline expansions in the region give us added assurance in COG's growth.” Cabot Oil & Gas Corporation closed on Monday at $36.72.