Cabot also announced that its Board of Directors added 2,000,000 shares to its buyback authorization, bringing the available authorization to 2,397,650. "Since early 2004 the Company has taken advantage of market weakness and repurchased 1,945,900 shares at an average price of $37.84," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "There are times when these investments are very compelling when compared to our underlying valuation, and we wanted the flexibility to continue to pursue this avenue."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with substantial interests onshore Gulf Coast; the West, with the Rocky Mountains and Mid-Continent; the East and in Canada.
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