Cabot Oil & Gas stock got a major boost on Friday after releasing its earnings report for the third quarter of the year.
Cabot Oil & Gas (NYSE:COG) reported revenue of $545.17 million for the third quarter of 2018. This is a massive increase over its revenue of $385.42 million that was reported in the same period of the year prior. It is also a boon to Cabot Oil & Gas stock by easily beating Wall Street’s revenue estimate of $474.46 million for the quarter.
Earnings per share reported by Cabot Oil & Gas for the third quarter of the year came in at 25 cents. This is better than the company’s earnings per share of 7 cents from the third quarter of 2017. However, it comes in below analysts’ earnings per share estimate of 28 cents for the period, but couldn’t keep Cabot Oil & Gas stock down today.
Cabot Oil & Gas’ most recent earnings report also has it reporting net income of $122.34 million. The petroleum and natural gas company’s net income from the same time last year was $17.59 million.
Operating income reported by Cabot Oil & Gas for the third quarter of 2018 was $176.05 million. This is up from the company’s operating income of $39.99 million reported in the third quarter of the previous year.
To go along with the positive earnings report for the quarter, Cabot Oil & Gas is also increasing its quarterly dividend by 17%. This will have it paying out a dividend of 7 cents per share on Nov. 16, 2018. The dividend will be payable to holders of Cabot Oil & Gas stock on record as of Nov. 7, 2018.
COG stock was up 8% as of Friday afternoon, but is down 25% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.