State of New Jersey Common Pension Fund D Sells 120,801 Shares of Coterra Energy Inc. (NYSE:CTRA)

State of New Jersey Common Pension Fund D trimmed its position in Coterra Energy Inc. (NYSE:CTRA) by 29.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 295,355 shares of the company’s stock after selling 120,801 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Coterra Energy were worth $7,877,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Coterra Energy by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 87,927,114 shares of the company’s stock valued at $2,243,900,000 after purchasing an additional 407,244 shares during the period. Schroder Investment Management Group raised its holdings in shares of Coterra Energy by 8.7% in the 4th quarter. Schroder Investment Management Group now owns 7,815,648 shares of the company’s stock valued at $199,455,000 after purchasing an additional 628,132 shares during the period. Equity Investment Corp raised its holdings in shares of Coterra Energy by 4.7% in the 1st quarter. Equity Investment Corp now owns 3,205,661 shares of the company’s stock valued at $89,374,000 after purchasing an additional 143,454 shares during the period. Captrust Financial Advisors raised its holdings in shares of Coterra Energy by 4.6% in the 1st quarter. Captrust Financial Advisors now owns 2,952,024 shares of the company’s stock valued at $78,422,000 after purchasing an additional 128,720 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Coterra Energy in the 4th quarter valued at about $54,625,000. 87.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Piper Sandler decreased their price target on shares of Coterra Energy from $39.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Truist Financial decreased their price target on shares of Coterra Energy from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wolfe Research assumed coverage on shares of Coterra Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $35.00 price target on the stock. Bank of America reiterated a “buy” rating and issued a $34.00 price target on shares of Coterra Energy in a research note on Friday, June 14th. Finally, UBS Group decreased their price target on shares of Coterra Energy from $36.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.88.

Coterra Energy Price Performance

Shares of NYSE:CTRA opened at $22.78 on Friday. The company has a market cap of $16.95 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 1.16 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.40 and a quick ratio of 1.38. The firm has a 50 day simple moving average of $24.77 and a 200 day simple moving average of $26.49. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $29.89.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.02). The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.32 billion. Coterra Energy had a net margin of 23.18% and a return on equity of 10.48%. Coterra Energy’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 EPS. Research analysts predict that Coterra Energy Inc. will post 1.95 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend was Thursday, August 15th. Coterra Energy’s payout ratio is currently 48.55%.

About Coterra Energy

Coterra Energy Inc, an independent oil and gas company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company's properties include the Marcellus Shale with approximately 186,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania; Permian Basin properties with approximately 296,000 net acres located in west Texas and southeast New Mexico; and Anadarko Basin properties with approximately 182,000 net acres located in Oklahoma.