Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in Coterra Energy Inc. (NYSE:CTRA)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Coterra Energy Inc. (NYSE:CTRA) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,381 shares of the company’s stock after purchasing an additional 1,267 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Coterra Energy were worth $1,781,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Fortitude Family Office LLC increased its holdings in Coterra Energy by 154.9% in the 2nd quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock valued at $25,000 after purchasing an additional 567 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Coterra Energy by 98.0% in the second quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock valued at $29,000 after buying an additional 535 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Coterra Energy in the 1st quarter valued at $44,000. Harbor Investment Advisory LLC lifted its stake in 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 acquiring an additional 1,443 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Coterra Energy during the 1st quarter valued at about $47,000. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wolfe Research started coverage on shares of Coterra Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $35.00 price target on the stock. Truist Financial reduced their target price on shares of Coterra Energy from $34.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Scotiabank dropped their price target on shares of Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Piper Sandler reduced their price objective on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. lowered their target price on Coterra Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Two equities research 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 stock. According to data from MarketBeat, Coterra Energy has an average rating of “Moderate Buy” and an average price target of $32.06.

Coterra Energy Stock Up 0.1 %

Shares of NYSE:CTRA opened at $23.81 on Tuesday. The firm has a 50 day simple moving average of $23.86 and a 200-day simple moving average of $25.93. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $28.90. The company has a current ratio of 1.40, a quick ratio of 1.38 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $17.72 billion, a PE ratio of 13.76, a P/E/G ratio of 1.41 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.37 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.38 earnings per share. Coterra Energy’s revenue was up 7.3% on a year-over-year basis. On average, equities analysts predict that Coterra Energy Inc. will post 1.72 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were given a $0.21 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.53%. Coterra Energy’s dividend payout ratio (DPR) is presently 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.