Goldman Sachs Upgrades Cabot Oil & Gas (COG) to Buy

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Goldman Sachs upgraded Cabot Oil & Gas (NYSE: COG) from Neutral to Buy with a price target of $55 (up from $41), suggesting 38% upside.

The firm said COG is the lowest cost dry gas shale producer in the US and they see shares outperforming in a rising gas price environment in 2013.

"We see its concentrated high quality Marcellus Shale position and robust production inventory driving best in class growth/returns/free cash over the next few years," the firm said.

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 $39.51 yesterday, with a 52 week range of $28.84-$90.00.

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