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By Market News Video Staff, Wednesday, November 24, 2:17 PM ET
Cabot Oil & Gas (NYSE:COG) said today it has sold its last remaining investment in Canada for $61.3 million. The company closed the sale of its Canadian subsidiary, Cabot Petroleum Canada Corporation, to Tourmaline Oil Corp in the second quarter of 2009. As part of the consideration in the transaction, Cabot received cash and three million shares in the privately held company. Today, Tourmaline commenced trading as a public company allowing for sale of the stock to take place. Settlement for the new shares will occur Friday. Cabot said the events are timely, and enhance its balance sheet by turning the shares into cash.
Shares of COG are trading higher by about 1% on Wednesday.
Cabot is 3.02% of the SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP), making it a top ten holding in the fund.
Atlas Energy (ATL) is the top holding of the fund at 3.81% of the portfolio, followed by Newfield Explorations Co. (NYSE:NFX) at 3.31% of the portfolio, and Tesoro (NYSE:TSO) at 3.29% of the fund.
The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors — anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.
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