BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Stock Holdings in Coterra Energy Inc. (NYSE:CTRA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 60.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,887 shares of the company’s stock after acquiring an additional 54,356 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Coterra Energy were worth $3,837,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Fortitude Family Office LLC grew its stake in Coterra Energy by 154.9% in the 2nd quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock worth $25,000 after acquiring an additional 567 shares in the last quarter. Larson Financial Group LLC grew its stake in Coterra Energy by 98.0% in the second quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock worth $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 1st quarter worth $44,000. Harbor Investment Advisory LLC raised its position in Coterra Energy by 869.3% during the 1st 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 stake in shares of Coterra Energy in the 1st quarter worth $47,000. Institutional investors own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CTRA shares. Truist Financial cut their price target on Coterra Energy from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Roth Mkm raised shares of Coterra Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $25.00 to $29.00 in a research report on Tuesday, August 27th. Wolfe Research initiated coverage on shares of Coterra Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $35.00 price objective on the stock. Susquehanna reduced their price objective on shares of Coterra Energy from $33.00 to $30.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Bank of America reaffirmed a “buy” rating and set a $34.00 target price on shares of Coterra Energy in a research report on Friday, June 14th. Two research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.59.

Coterra Energy Stock Performance

Shares of Coterra Energy stock opened at $23.74 on Friday. The firm has a market capitalization of $17.67 billion, a P/E ratio of 13.72, a PEG ratio of 1.37 and a beta of 0.22. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $29.89. The company has a quick ratio of 1.38, a current ratio of 1.40 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average price of $24.07 and a 200 day moving average price of $26.30.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.32 billion. Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Sell-side analysts expect that Coterra Energy Inc. will post 1.74 EPS for the current year.

Coterra Energy Announces Dividend

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