Morgan Stanley Issues Positive Forecast for Coterra Energy (NYSE:CTRA) Stock Price

Coterra Energy (NYSE:CTRA) had its price objective upped by Morgan Stanley from $27.00 to $29.00 in a report issued on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts also recently weighed in on the company. Wolfe Research started coverage on Coterra Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $35.00 target price on the stock. Susquehanna boosted their target price on Coterra Energy from $30.00 to $33.00 and gave the company a “positive” rating in a research report on Thursday. Barclays boosted their target price on Coterra Energy from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday. Roth Capital upgraded Coterra Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. cut their price target on shares of Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Coterra Energy presently has a consensus rating of “Moderate Buy” and an average price target of $32.24.

Coterra Energy Stock Performance

Shares of NYSE:CTRA traded up $0.10 during mid-day trading on Thursday, reaching $25.53. 4,132,386 shares of the company traded hands, compared to its average volume of 6,236,401. The company’s 50 day moving average price is $23.86 and its 200-day moving average price is $25.50. The firm has a market cap of $18.81 billion, a PE ratio of 15.57, a PEG ratio of 1.67 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. Coterra Energy has a 52 week low of $22.30 and a 52 week high of $28.90.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Coterra Energy had a return on equity of 9.38% and a net margin of 21.91%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts expect that Coterra Energy will post 1.53 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Thursday, November 14th. Coterra Energy’s payout ratio is presently 50.60%.

Hedge Funds Weigh In On Coterra Energy

Several hedge funds have recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its position in shares of Coterra Energy by 17.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 2,077,405 shares of the company’s stock valued at $49,754,000 after acquiring an additional 304,240 shares during the period. Pingora Partners LLC increased its position in shares of Coterra Energy by 1.0% in the 3rd quarter. Pingora Partners LLC now owns 137,717 shares of the company’s stock valued at $3,298,000 after acquiring an additional 1,300 shares during the period. Point72 DIFC Ltd increased its position in shares of Coterra Energy by 102.5% in the 3rd quarter. Point72 DIFC Ltd now owns 189,117 shares of the company’s stock valued at $4,529,000 after acquiring an additional 95,718 shares during the period. Investment Management Corp of Ontario boosted its holdings in Coterra Energy by 47.1% in the third quarter. Investment Management Corp of Ontario now owns 24,659 shares of the company’s stock valued at $591,000 after purchasing an additional 7,900 shares during the last quarter. Finally, HITE Hedge Asset Management LLC boosted its stake in shares of Coterra Energy by 406.3% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 707,729 shares of the company’s stock worth $16,950,000 after acquiring an additional 567,934 shares in the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

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.