Raymond James Financial Services Advisors Inc. increased its stake in shares of Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 67.6% in the 4th quarter, HoldingsChannel reports. The firm owned 132,284 shares of the company’s stock after buying an additional 53,369 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Coterra Energy were worth $3,250,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new position in Coterra Energy in the 3rd quarter valued at $2,913,000. Adirondack Trust Co. acquired a new position in Coterra Energy in the 4th quarter valued at $25,000. Red Tortoise LLC acquired a new position in Coterra Energy in the 4th quarter valued at $25,000. Accurate Wealth Management LLC purchased a new stake in shares of Coterra Energy during the 4th quarter valued at $28,000. Finally, Guardian Wealth Advisors LLC purchased a new stake in shares of Coterra Energy during the 3rd quarter valued at $30,000. 94.72% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Coterra Energy news, VP Michael D. Deshazer sold 20,824 shares of Coterra Energy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $24.10, for a total value of $501,858.40. Following the transaction, the vice president now owns 77,406 shares in the company, valued at $1,865,484.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.70% of the stock is currently owned by company insiders.
Coterra Energy Stock Up 0.7 %
Coterra Energy (NYSE:CTRA – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. Coterra Energy had a net margin of 45.19% and a return on equity of 29.48%. The business had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.15 billion. As a group, equities analysts forecast that Coterra Energy Inc. will post 2.59 EPS for the current fiscal year.
Coterra Energy Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, May 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.12%. Coterra Energy’s dividend payout ratio is presently 15.27%.
Analyst Ratings Changes
CTRA has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Coterra Energy from $26.00 to $27.00 in a research note on Monday, May 15th. UBS Group initiated coverage on shares of Coterra Energy in a research note on Wednesday, April 19th. They set a “neutral” rating and a $27.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Coterra Energy from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Thursday, March 9th. Truist Financial boosted their price objective on shares of Coterra Energy from $26.00 to $29.00 and gave the company a “hold” rating in a research note on Tuesday, April 11th. Finally, Stephens started coverage on Coterra Energy in a report on Monday, April 24th. They issued an “overweight” rating and a $32.00 price target for the company. Sixteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Coterra Energy currently has an average rating of “Hold” and an average price target of $30.25.
About Coterra Energy
Coterra Energy Inc is a diversified energy company, which engages in the exploration, development, and production of oil and natural gas properties. Its portfolio includes projects in the Permian Basin, the Marcellus Shale, and the Anadarko Basin. The company was renamed to Coterra Energy Inc on October 1, 2021 in connection with the merger involving Cabot Oil & Gas Corp.
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