Canada Pension Plan Investment Board Lowers Position in Coterra Energy Inc. (NYSE:CTRA)

Canada Pension Plan Investment Board cut its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 70.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 381,731 shares of the company’s stock after selling 894,300 shares during the period. Canada Pension Plan Investment Board owned about 0.05% of Coterra Energy worth $10,181,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its position in Coterra Energy by 154.9% during the second quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock valued at $25,000 after purchasing an additional 567 shares in the last quarter. Larson Financial Group LLC lifted its position in Coterra Energy by 98.0% during the second quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock valued at $29,000 after purchasing an additional 535 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Coterra Energy during the first quarter valued at $44,000. Harbor Investment Advisory LLC lifted its position in Coterra Energy by 869.3% during the first quarter. Harbor Investment Advisory LLC now owns 1,609 shares of the company’s stock valued at $45,000 after purchasing an additional 1,443 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Coterra Energy during the first quarter valued at $47,000. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTRA has been the topic of several research analyst reports. Wolfe Research initiated coverage on Coterra Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $35.00 price objective on the stock. Truist Financial lowered their price objective on Coterra Energy from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Susquehanna lowered their price objective on Coterra Energy from $33.00 to $30.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Piper Sandler lowered their price objective on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Finally, Morgan Stanley lowered their price objective on Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Coterra Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.59.

Coterra Energy Trading Down 0.9 %

Shares of NYSE CTRA opened at $23.76 on Wednesday. The business’s 50 day moving average is $24.29 and its two-hundred day moving average is $26.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.40 and a quick ratio of 1.38. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.89. The stock has a market capitalization of $17.68 billion, a P/E ratio of 13.73, a PEG ratio of 1.16 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02). Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Coterra Energy Inc. will post 1.95 EPS for the current year.

Coterra Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.21 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.84 annualized dividend and a yield of 3.54%. Coterra Energy’s payout ratio is currently 48.55%.

Coterra Energy Profile

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.