Insights on Block and Options Trading Activity for Cabot Oil & Gas Corporation (COG)

Posted on 06/27/2012 by Ella Gold


NEW YORK (AVAFIN) -- A total of 54 block trades were executed today, typically at least 10,000 shares or more represent a single block unit. Block trades help investors understand the sentiment of large financial institutions. Further trading analysis reveals that 1,967,910 shares were bought and 786,662 shares were sold. The bought/sold ratio for shares of Cabot Oil & Gas Corporation is 2.50, representing a positive net cash flow of $47,974,033 into the stock.

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On the options side, investors traded a total of 12,273 contracts. Specifically, 8,277 call and 3,996 put contracts were traded yesterday yielding a 0.48 put/call ratio.

Cabot's push to diversify its gassy production mix looks promising. The firm holds more than 120,000 net acres across the Eagle Ford shale and the Anadarko Basin, and while it's likely to remain less than 10% of total volumes throughout our forecast period, we project Cabot's oil production to grow at a compound annual rate of almost 50% through 2015. Additionaly, Cabot controls more than a decade of highly productive, low-cost drilling inventory targeting the dry gas Marcellus shale in Pennsylvania. We estimate fully loaded cash break-even costs of around $2.25 per mcf in this region, which should support ongoing development activity even at currently depressed natural gas prices.

COG is trading above the 50 day moving average and lower than the 200 day moving average. Cabot Oil & Gas Corporation opened at $38.24 and the stock price rose $3.39 (+8.96%) to $41.24 during the market session. COG is trading between the range of $38.24 - $41.70. Performance indicators show that the stock has gained 8.86% within the last month.

Houston-based Cabot Oil & Gas is an independent exploration and production company with operations in Appalachia, Texas, the Rockies, and the Mid-Continent region of the U.S. At year-end 2010, Cabot's proven reserves were 2.7 Tcfe, with net production of 357 MMcfe per day. Natural gas represented 96% of production and 98% of reserves. Approximately two thirds of the company's reserves were categorized as proved developed.

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