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Cabot Oil & Gas beats Q3 earnings estimates, hikes dividend

Cabot Oil & Gas Corp. on Oct. 24 reported $119.7 million, or 29 cents per share, in adjusted net income for the third quarter, compared to $108.9 million, or 25 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was 27 cents per share.

Net income totaled $90.4 million, compared to $122.3 million in the third quarter a year ago. Revenue came in at $429.1 million, compared to $545.2 million in the prior-year quarter.

The Appalachian shale gas driller reported equivalent production of 221 Bcfe, compared to 187 Bcfe a year earlier.

Cabot also raised its quarterly cash dividend by 11% to 10 cents per share. The dividend is payable Nov. 15 to shareholders of record as of Nov. 6.