As a diver who has pulled many Cobia off artificials over the years, I can tell you really depends. Cobia will hang with spade fish or other large schooled up fish like permit. Those fish tend to be up current of a wreck or artifical. Also, focus on bait pods. If there isn't a bunch of bait right over the structure, it probably isn't worth spending too much time on. They also follow the rays between sturcture at places like the Vets and Pasco Reefs, so that ends up being random. Higher structure is better and I think they prefer metal structure to natural. Cobia are very curious, but can have ADD. Usually the first boat of the day on any structure has the best shot at Cobia...for the first few minutes they are there. This is because the cobia will come check out the boat for a minute or two as soon as you get to a spot. They don't stick around though.
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