COG - Cabot trails oil and gas peers after miss on nat gas pricing

Cabot Oil & Gas ([[COG]] -6.9%) is today's biggest decliner on the S&P 500 and lags energy peers after posting an operational update late yesterday that missed analyst estimates on natural gas pricing.Cabot said Q4 gas price realizations, excluding the impact of hedges, were expected at $1.89/Mcf, which Bloomberg data says was lower than the $1.99/Mcf analyst consensus estimate.Cabot projects its FY 2021 average gas price differential in the range between -$0.50/Mcf and -$0.55/Mcf, also below expectations."Despite the slight beats on 4Q production and capex, wider than expected 2021 differentials drives our cash flow estimates incrementally lower," Citi analyst Kevin Cunane says.Cabot shares were downgraded earlier this week at J.P. Morgan, which cited a weakening free cash flow outlook.

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Cabot trails oil and gas peers after miss on nat gas pricing