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Energy

Cabot Oil & Gas raises dividend after quarterly profit doubles

April 26 (Reuters) - U.S. natural gas producer Cabot Oil & Gas Corp on Friday raised dividend by 29 percent after its quarterly net income more than doubled on the back of better-than-expected natural gas production and higher prices.

The company raised its quarterly cash dividend to $0.09 per share at a time when the industry faces investor pressure to cut spending on new drilling and boost shareholder returns.

Adjusted net income rose to $307.8 million, or 73 cents per share, for the first quarter ended March 31, from $128.5 million, or 28 cents per share. (Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)

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