Cannell & Co. trimmed its holdings in shares of Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 12.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,650,377 shares of the company’s stock after selling 234,974 shares during the period. Coterra Energy comprises approximately 1.7% of Cannell & Co.’s investment portfolio, making the stock its 13th biggest position. Cannell & Co. owned approximately 0.21% of Coterra Energy worth $43,108,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Sawtooth Solutions LLC grew its position in Coterra Energy by 52.4% during the 3rd quarter. Sawtooth Solutions LLC now owns 29,397 shares of the company’s stock worth $768,000 after purchasing an additional 10,104 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new position in Coterra Energy during the 1st quarter worth approximately $670,000. Commonwealth Equity Services LLC boosted its stake in shares of Coterra Energy by 17.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 105,921 shares of the company’s stock valued at $2,731,000 after buying an additional 15,576 shares during the period. Simmons Bank boosted its stake in shares of Coterra Energy by 16.5% during the 2nd quarter. Simmons Bank now owns 102,361 shares of the company’s stock valued at $2,640,000 after buying an additional 14,501 shares during the period. Finally, Checchi Capital Advisers LLC acquired a new stake in shares of Coterra Energy during the 2nd quarter valued at $285,000. 94.72% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Barclays reduced their price objective on shares of Coterra Energy from $39.00 to $30.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 7th. Stifel Nicolaus initiated coverage on shares of Coterra Energy in a research report on Tuesday, October 25th. They set a “buy” rating and a $40.00 target price for the company. Truist Financial downgraded shares of Coterra Energy from a “buy” rating to a “hold” rating and set a $26.00 price objective on the stock. in a report on Monday, December 12th. Tudor, Pickering, Holt & Co. downgraded shares of Coterra Energy from a “buy” rating to a “hold” rating in a report on Wednesday, November 30th. Finally, Piper Sandler lowered their target price on shares of Coterra Energy from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Thursday, November 17th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Coterra Energy has an average rating of “Hold” and a consensus price target of $32.67.
Coterra Energy Price Performance
Shares of Coterra Energy stock traded up $0.19 during midday trading on Tuesday, hitting $25.29. 128,565 shares of the company traded hands, compared to its average volume of 7,735,381. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of 5.07, a PEG ratio of 0.12 and a beta of 0.25. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.62 and a current ratio of 1.66. The firm’s fifty day moving average price is $25.82 and its 200-day moving average price is $27.81. Coterra Energy Inc. has a 12 month low of $18.39 and a 12 month high of $36.55.
Coterra Energy (NYSE:CTRA – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.05. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.43 billion. Coterra Energy had a net margin of 44.15% and a return on equity of 29.82%. As a group, sell-side analysts forecast that Coterra Energy Inc. will post 4.89 earnings per share for the current year.
Coterra Energy Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th were given a dividend of $0.68 per share. The ex-dividend date of this dividend was Tuesday, November 15th. This is an increase from Coterra Energy’s previous quarterly dividend of $0.15. This represents a $2.72 annualized dividend and a yield of 10.76%. Coterra Energy’s dividend payout ratio (DPR) is currently 12.12%.
Insider Buying and Selling
In related news, Director Hans Helmerich sold 5,000 shares of Coterra Energy stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $27.64, for a total transaction of $138,200.00. Following the sale, the director now directly owns 225,755 shares in the company, valued at approximately $6,239,868.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.
Coterra Energy Company 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. It primarily focuses on the Marcellus Shale with approximately 177,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.