Pinnacle Associates Ltd. reduced its stake in shares of Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 12.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 14,448 shares of the company’s stock after selling 2,060 shares during the period. Pinnacle Associates Ltd.’s holdings in Coterra Energy were worth $377,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of CTRA. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Coterra Energy by 239.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,106 shares of the company’s stock worth $29,000 after purchasing an additional 780 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Coterra Energy by 100.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,164 shares of the company’s stock worth $30,000 after purchasing an additional 583 shares in the last quarter. Achmea Investment Management B.V. acquired a new stake in shares of Coterra Energy during the 1st quarter worth $41,000. McIlrath & Eck LLC grew its holdings in shares of Coterra Energy by 703.5% during the 3rd quarter. McIlrath & Eck LLC now owns 1,599 shares of the company’s stock worth $42,000 after purchasing an additional 1,400 shares in the last quarter. Finally, TFC Financial Management boosted its stake in Coterra Energy by 3,018.9% in the third quarter. TFC Financial Management now owns 1,653 shares of the company’s stock valued at $43,000 after buying an additional 1,600 shares in the last quarter. 94.72% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Coterra Energy in a research note on Wednesday, October 19th. They issued a “hold” rating and a $32.00 price objective on the stock. Piper Sandler reduced their price objective on Coterra Energy from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Thursday, November 17th. Bank of America raised Coterra Energy from an “underperform” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $29.00 in a research note on Friday, January 6th. Stifel Nicolaus assumed coverage on Coterra Energy in a research note on Tuesday, October 25th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Barclays reduced their price objective on Coterra Energy from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 7th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.67.
Coterra Energy Price Performance
Coterra Energy (NYSE:CTRA – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.05. Coterra Energy had a return on equity of 29.82% and a net margin of 44.15%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.43 billion. Analysts expect that Coterra Energy Inc. will post 4.89 EPS for the current year.
Coterra Energy Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th were given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 10.84%. This is an increase from Coterra Energy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, November 15th. Coterra Energy’s dividend payout ratio (DPR) is 12.12%.
Insider Transactions at Coterra Energy
In other news, Director Hans Helmerich sold 5,000 shares of the firm’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $27.64, for a total transaction of $138,200.00. Following the completion of the transaction, the director now directly owns 225,755 shares in the company, valued at $6,239,868.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by corporate insiders.
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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