Texas Permanent School Fund Corp Cuts Holdings in Coterra Energy Inc. (NYSE:CTRA)

Texas Permanent School Fund Corp reduced its position in Coterra Energy Inc. (NYSE:CTRA) by 20.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 124,320 shares of the company’s stock after selling 31,206 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Coterra Energy were worth $3,316,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CTRA. Choreo LLC purchased a new position in Coterra Energy in the second quarter valued at about $614,000. Quest Partners LLC increased its position in shares of Coterra Energy by 2,649.1% during the second quarter. Quest Partners LLC now owns 58,968 shares of the company’s stock worth $1,573,000 after acquiring an additional 56,823 shares during the last quarter. Oak Thistle LLC purchased a new stake in shares of Coterra Energy during the second quarter worth about $635,000. Varma Mutual Pension Insurance Co acquired a new position in Coterra Energy in the second quarter worth about $9,420,000. Finally, Caprock Group LLC acquired a new position in Coterra Energy in the second quarter worth about $1,025,000. 87.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Roth Mkm upgraded Coterra Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from $25.00 to $29.00 in a research note on Tuesday, August 27th. UBS Group cut their price target on Coterra Energy from $36.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Piper Sandler cut their price target on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Roth Capital raised Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup boosted their target price on Coterra Energy from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.88.

Coterra Energy Price Performance

CTRA stock opened at $22.78 on Friday. 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 company has a 50-day moving average of $24.77 and a two-hundred day moving average of $26.49. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.89. The stock has a market capitalization of $16.95 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 1.16 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last released its earnings results 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). The company had revenue of $1.27 billion during 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%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. As a group, equities research analysts anticipate that Coterra Energy Inc. will post 1.95 EPS for the current year.

Coterra Energy Announces Dividend

The firm also recently declared 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. This represents a $0.84 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Thursday, August 15th. Coterra Energy’s dividend payout ratio is 48.55%.

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. 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.