Truist Financial Corp lessened its holdings in Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 14.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 527,951 shares of the company’s stock after selling 89,990 shares during the quarter. Truist Financial Corp’s holdings in Coterra Energy were worth $13,790,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. acquired a new position in Coterra Energy during the first quarter worth $2,472,575,000. Capital World Investors acquired a new position in Coterra Energy during the first quarter worth $2,268,599,000. State Street Corp acquired a new position in Coterra Energy during the first quarter worth $1,493,855,000. Wellington Management Group LLP acquired a new position in Coterra Energy during the first quarter worth $1,000,797,000. Finally, Northern Trust Corp acquired a new position in Coterra Energy during the first quarter worth $300,998,000. Institutional investors own 94.72% of the company’s stock.
Insider Buying and Selling
In related news, Director Hans Helmerich sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $27.64, for a total transaction of $138,200.00. Following the completion of the sale, the director now owns 225,755 shares of the company’s stock, valued at $6,239,868.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.
Coterra Energy Trading Up 2.5 %
Coterra Energy (NYSE:CTRA – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.34 by $0.05. Coterra Energy had a net margin of 44.15% and a return on equity of 29.82%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.43 billion. As a group, sell-side analysts anticipate that Coterra Energy Inc. will post 4.88 earnings per share for the current year.
Coterra Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th were given a dividend of $0.68 per share. This is a boost from Coterra Energy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, November 15th. This represents a $2.72 annualized dividend and a yield of 11.21%. Coterra Energy’s dividend payout ratio is currently 12.12%.
Analyst Ratings Changes
A number of brokerages recently weighed in on CTRA. Barclays lowered their target price on shares of Coterra Energy from $39.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 7th. Stifel Nicolaus initiated coverage on shares of Coterra Energy in a report on Tuesday, October 25th. They issued a “buy” rating and a $40.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Coterra Energy from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Wednesday, October 19th. Tudor, Pickering, Holt & Co. downgraded shares of Coterra Energy from a “buy” rating to a “hold” rating in a report on Wednesday, November 30th. Finally, Bank of America upgraded shares of Coterra Energy from an “underperform” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $29.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Coterra Energy currently has an average rating of “Hold” and a consensus target price of $32.73.
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. It primarily focuses on the Marcellus Shale with approximately 177,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.
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