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Canaccord Genuity Maintains a 'Buy' on Cabot Oil & Gas (COG); Still A Favorite

April 9, 2012 9:39 AM EDT Send to a Friend
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Price: $34.92 --0%

Rating Summary:
    22 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Canaccord Genuity maintains a 'Buy' on Cabot Oil & Gas (NYSE: COG) price target of $66.00.

Analyst, John Gerdes, said, "We are maintaining our COG target price after a minor production outage related to a Lathrop compressor station fire. Our ’12 production growth estimate fell one percentage point to 60% though is 10 percentage points above company guidance (35-50%)."

"Next year, we believe Cabot should generate almost 4x the production growth while spending ~40% less than cash flow as these peers spend ~40% beyond cash flow. Accordingly, we see ~50% upside to COG shares even in a long-term $4 gas price environment while EQT (NYSE: EQT), Range Resources (NYSE: RRC), Southwestern (NYSE: SWN) and Ultra Petroleum (NYSE: UPL) have ~30% downside in this bear-case scenario."

For an analyst ratings summary and ratings history on Cabot Oil & Gas click here. For more ratings news on Cabot Oil & Gas click here.

Shares of Cabot Oil & Gas closed at $31.94 yesterday.




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