Why Cabot Oil & Gas Stock Is Slumping Today
Shares of Cabot Oil & Gas (NYSE: COG) declined more than 10% by 1:30 p.m. EDT on Friday. Fueling the natural gas driller's sell-off were its second-quarter results and outlook for the rest of the year.
Cabot Oil & Gas delivered solid second-quarter results overall. It generated $150.6 million, or $0.36 per share, of adjusted net income during the period. That was an improvement from the year-ago quarter when it produced $57.9 million, or $0.13 per share, of adjusted net income and beat the analyst consensus estimate by $0.03 per share. Fueling the company's better-than-expected result was the combination of a 24% increase in natural gas production and a 24% drop in operating expenses.
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