Eastern Bank Takes $2.36 Million Position in Coterra Energy Inc. (NYSE:CTRA)

Eastern Bank bought a new stake in Coterra Energy Inc. (NYSE:CTRA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 98,552 shares of the company’s stock, valued at approximately $2,360,000.

A number of other institutional investors also recently modified their holdings of CTRA. Bank of Montreal Can raised its position in Coterra Energy by 160.1% in the 2nd quarter. Bank of Montreal Can now owns 2,898,876 shares of the company’s stock worth $80,154,000 after purchasing an additional 1,784,192 shares during the last quarter. SG Americas Securities LLC raised its position in Coterra Energy by 2,609.6% in the 1st quarter. SG Americas Securities LLC now owns 1,541,342 shares of the company’s stock worth $42,973,000 after purchasing an additional 1,484,458 shares during the last quarter. Marshall Wace LLP raised its position in Coterra Energy by 5,325.5% in the 2nd quarter. Marshall Wace LLP now owns 1,148,569 shares of the company’s stock worth $30,632,000 after purchasing an additional 1,127,399 shares during the last quarter. Clearbridge Investments LLC bought a new position in Coterra Energy in the 1st quarter worth approximately $28,967,000. Finally, American Century Companies Inc. raised its position in Coterra Energy by 29.1% in the 2nd quarter. American Century Companies Inc. now owns 4,498,227 shares of the company’s stock worth $119,968,000 after purchasing an additional 1,013,107 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on CTRA shares. Roth Mkm raised shares of Coterra Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $25.00 to $29.00 in a report on Tuesday, August 27th. Piper Sandler lowered their target price on shares of Coterra Energy from $39.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. BMO Capital Markets raised shares of Coterra Energy to a “hold” rating in a report on Wednesday, July 3rd. Roth Capital raised shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Wolfe Research started coverage on shares of Coterra Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $35.00 target price for the company. Two research 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.06.

Coterra Energy Trading Down 1.2 %

Shares of NYSE:CTRA opened at $23.52 on Wednesday. The company’s 50-day moving average price is $23.85 and its two-hundred day moving average price is $25.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.40 and a quick ratio of 1.38. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $28.90. The stock has a market capitalization of $17.50 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.41 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.37 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 the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. On average, equities analysts forecast that Coterra Energy Inc. will post 1.72 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.21 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.84 dividend on an annualized basis and a yield of 3.57%. Coterra Energy’s dividend payout ratio (DPR) is currently 48.55%.

Coterra Energy 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.