Wells Fargo & Company Trims Coterra Energy (NYSE:CTRA) Target Price to $32.00

Coterra Energy (NYSE:CTRA) had its target price dropped by research analysts at Wells Fargo & Company from $34.00 to $32.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 33.78% from the stock’s current price.

Other research analysts have also issued reports about the stock. BMO Capital Markets raised shares of Coterra Energy to a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler lowered their price target on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Wolfe Research assumed coverage on Coterra Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $35.00 price target for the company. Truist Financial lowered their price target on Coterra Energy from $34.00 to $31.00 and set a “buy” rating for the company in a research report on Monday. Finally, Morgan Stanley lowered their price target on Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Coterra Energy has a consensus rating of “Moderate Buy” and an average target price of $32.53.

Coterra Energy Price Performance

CTRA traded down $0.03 during trading on Tuesday, reaching $23.92. 8,720,877 shares of the company traded hands, compared to its average volume of 6,331,790. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40. Coterra Energy has a 12-month low of $22.30 and a 12-month high of $29.89. The firm has a fifty day simple moving average of $24.01 and a 200 day simple moving average of $26.27. The company has a market cap of $17.80 billion, a P/E ratio of 14.07, a PEG ratio of 1.37 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). Coterra Energy had a net margin of 23.18% and a return on equity of 10.48%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that Coterra Energy will post 1.74 EPS for the current year.

Institutional Investors Weigh In On Coterra Energy

Large investors have recently modified their holdings of the business. Fortitude Family Office LLC lifted its holdings in Coterra Energy by 154.9% in the second quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock valued at $25,000 after acquiring an additional 567 shares during the period. Larson Financial Group LLC raised its stake in shares of Coterra Energy by 98.0% during the 2nd quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock worth $29,000 after buying an additional 535 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Coterra Energy during the 1st quarter worth approximately $44,000. Harbor Investment Advisory LLC raised its stake in shares of Coterra Energy by 869.3% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,609 shares of the company’s stock worth $45,000 after buying an additional 1,443 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Coterra Energy during the 1st quarter worth approximately $47,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

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.