BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 19,717 Shares of Coterra Energy Inc. (NYSE:CTRA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in Coterra Energy Inc. (NYSE:CTRA) by 13.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 124,170 shares of the company’s stock after selling 19,717 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Coterra Energy were worth $2,974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Coterra Energy by 0.6% in the second quarter. Fifth Third Bancorp now owns 71,138 shares of the company’s stock valued at $1,897,000 after purchasing an additional 399 shares in the last quarter. TCW Group Inc. grew its holdings in shares of Coterra Energy by 4.0% in the 2nd quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock valued at $279,000 after acquiring an additional 404 shares in the last quarter. Cornercap Investment Counsel Inc. increased its position in shares of Coterra Energy by 0.7% in the second quarter. Cornercap Investment Counsel Inc. now owns 66,280 shares of the company’s stock valued at $1,768,000 after acquiring an additional 436 shares during the last quarter. Bruce G. Allen Investments LLC raised its holdings in Coterra Energy by 17.4% during the third quarter. Bruce G. Allen Investments LLC now owns 3,033 shares of the company’s stock worth $73,000 after acquiring an additional 450 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in Coterra Energy by 1.4% during the third quarter. Venturi Wealth Management LLC now owns 33,559 shares of the company’s stock valued at $804,000 after purchasing an additional 474 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CTRA. UBS Group upped their price objective on Coterra Energy from $31.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company increased their price target on shares of Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Roth Capital upgraded shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Piper Sandler raised their target price on shares of Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, Mizuho boosted their price target on Coterra Energy from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.47.

Insiders Place Their Bets

In other news, SVP Kevin William Smith sold 29,643 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $26.16, for a total value of $775,460.88. Following the completion of the sale, the senior vice president now owns 77,075 shares of the company’s stock, valued at approximately $2,016,282. This represents a 27.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 16,435 shares of Coterra Energy stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $26.76, for a total value of $439,800.60. Following the completion of the transaction, the senior vice president now directly owns 72,409 shares in the company, valued at approximately $1,937,664.84. This represents a 18.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Coterra Energy Stock Performance

NYSE:CTRA opened at $26.16 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $19.27 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 1.70 and a beta of 0.27. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $28.90. The stock’s 50-day simple moving average is $24.80 and its 200 day simple moving average is $25.34.

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

Coterra Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were given a dividend of $0.21 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.84 annualized dividend and a yield of 3.21%. Coterra Energy’s dividend payout ratio is presently 50.60%.

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.