Cabot: 2Q Earnings Snapshot
HOUSTON (AP) _ Cabot Oil & Gas Corp. (COG) on Friday reported second-quarter net income of $181 million.
The Houston-based company said it had net income of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The independent oil and gas company posted revenue of $534.1 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $491.3 million.
Cabot shares have dropped 2.5% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has dropped 13% in the last 12 months.