First Citizens Bank & Trust Co. Invests $225,000 in Coterra Energy Inc. (NYSE:CTRA)

First Citizens Bank & Trust Co. purchased a new position in Coterra Energy Inc. (NYSE:CTRA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,395 shares of the company’s stock, valued at approximately $225,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC raised 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 acquiring an additional 567 shares during the last quarter. Larson Financial Group LLC grew its position 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 purchasing an additional 535 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Coterra Energy in the first quarter valued at approximately $44,000. Harbor Investment Advisory LLC lifted its position in Coterra Energy by 869.3% during the first quarter. Harbor Investment Advisory LLC now owns 1,609 shares of the company’s stock worth $45,000 after buying an additional 1,443 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Coterra Energy during the first quarter worth approximately $47,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on CTRA shares. Susquehanna cut their target price on Coterra Energy from $33.00 to $30.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Wells Fargo & Company cut their price objective on shares of Coterra Energy from $34.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Morgan Stanley reduced their target price on shares of Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Wolfe Research started coverage on shares of Coterra Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $35.00 price target for the company. Finally, Barclays reduced their price target on shares of Coterra Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.06.

Coterra Energy Price Performance

CTRA opened at $23.81 on Tuesday. The stock’s 50-day moving average price is $23.86 and its 200 day moving average price is $25.93. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $28.90. The firm has a market cap of $17.72 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.41 and a beta of 0.22. The company has a current ratio of 1.40, a quick ratio of 1.38 and a debt-to-equity ratio of 0.16.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.02). The business 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 firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. As a group, sell-side analysts expect that Coterra Energy Inc. will post 1.72 earnings per share 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 given a $0.21 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.84 annualized dividend and a yield of 3.53%. Coterra Energy’s dividend payout ratio 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.