Cabot Oil & Gas earnings for the second quarter of 2019 are strong, but COG stock is still down on Friday.
The Cabot Oil & Gas (NYSE:COG) earnings report for the second quarter of the year includes earnings per share of 36 cents. This is up from the company’s earnings per share of 13 cents for the same time last year. It also beats out Wall Street’s earnings per share estimate of 34 cents for the quarter. Despite this, COG stock is still down today.
Net income reported in the Cabot Oil & Gas earnings report for the second quarter of 2019 comes in at $181.01 million. This is better than the company’s net income of $42.43 million reported in the second quarter of 2018.
Operating income from the most recent Cabot Oil & Gas earnings report of the year is sitting at $250.81 million. That’s an increase over the company’s operating income of $78.03 million from the same period of the year prior.
Cabot Oil & Gas earnings for the second quarter of 2019 also include revenue of $534.12 million. This is a major improvement over the company’s revenue of $453.45 million reported in the second quarter of the previous year. It also comes in well above analysts’ revenue estimate of $494.25 million for the period, but COG stock is still falling today.
The issue hammering COG stock today appears to have to do with one of its eight-well pad. A new opportunity is allowing it to expand the lateral footage of pad. However, this will result in a delay to wells being set up on it. That pushes the production from the wells on the pad back to late December or early January.
COG stock was down 10% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.