Mackenzie Financial Corp Acquires 1,788 Shares of Coterra Energy Inc. (NYSE:CTRA)

Mackenzie Financial Corp grew its holdings in Coterra Energy Inc. (NYSE:CTRA) by 1.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 133,846 shares of the company’s stock after acquiring an additional 1,788 shares during the quarter. Mackenzie Financial Corp’s holdings in Coterra Energy were worth $3,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its position in shares of Coterra Energy by 0.3% in the second quarter. The Manufacturers Life Insurance Company now owns 725,344 shares of the company’s stock valued at $19,345,000 after acquiring an additional 2,283 shares during the period. Daymark Wealth Partners LLC raised its stake in shares of Coterra Energy by 23.7% in the second quarter. Daymark Wealth Partners LLC now owns 33,455 shares of the company’s stock valued at $892,000 after purchasing an additional 6,414 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Coterra Energy by 7.2% in the second quarter. AQR Capital Management LLC now owns 2,844,737 shares of the company’s stock valued at $75,869,000 after purchasing an additional 190,470 shares in the last quarter. Abich Financial Wealth Management LLC raised its stake in shares of Coterra Energy by 50.3% in the second quarter. Abich Financial Wealth Management LLC now owns 5,805 shares of the company’s stock valued at $155,000 after purchasing an additional 1,944 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Coterra Energy in the second quarter valued at $1,187,000. 87.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. JPMorgan Chase & Co. cut 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. Piper Sandler cut their target price on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Bank of America restated a “buy” rating and issued a $34.00 target price on shares of Coterra Energy in a research note on Friday, June 14th. Morgan Stanley cut their target price on Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Wolfe Research started coverage on Coterra Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $35.00 target price for the company. Two equities 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 company’s stock. According to data from MarketBeat, Coterra Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.53.

Coterra Energy Stock Performance

Shares of NYSE:CTRA opened at $24.15 on Wednesday. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $29.89. The firm has a market cap of $17.97 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.37 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40. The business has a fifty day moving average of $24.01 and a 200-day moving average of $26.27.

Coterra Energy (NYSE:CTRA) last announced its 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 business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business posted $0.38 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Coterra Energy Inc. will post 1.74 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.84 annualized dividend and a yield of 3.48%. Coterra Energy’s dividend payout ratio is currently 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.