Imperial Capital Reiterates Outperform, Lowers Price Target On Cabot Oil & Gas On Sharp Cutback In Drilling

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In a report published Wednesday, Imperial Capital analyst Bob Christensen reiterated an Outperform rating on
Cabot Oil & Gas CorporationCOG
, but lowered the price target from $36.00 to $35.00. In the report, Imperial Capital noted, "We are maintaining our Outperform rating on COG shares, but lowering our one-year price target to $35 from $36. Our price target is about 23% above the recent share price. We remain positive on COG even in a low 2015 commodity price environment of sub-$55/bbl oil (WTI) and sub- $3.00/Mcf natural gas (NYMEX). As one of the most capital efficient oil and natural gas producers in the U.S., especially in natural gas (90% of the COG's proved reserves are natural gas in the low-cost Marcellus shale play of Northeast, Pennsylvania; 10% is crude oil in the Eagle Ford shale of Texas) we think that COG can, and will be more responsive than most producers to changes in commodity prices and timing shifts pertaining to infrastructure." Cabot Oil & Gas closed on Tuesday at $28.40.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBob Christensenimperial capital
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