Moors & Cabot Inc. grew its position in shares of Coterra Energy Inc. (NYSE:CTRA – Free Report) by 18.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 130,479 shares of the company’s stock after purchasing an additional 20,560 shares during the quarter. Moors & Cabot Inc.’s holdings in Coterra Energy were worth $3,301,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CTRA. Checchi Capital Advisers LLC boosted its holdings in shares of Coterra Energy by 6.6% during the 2nd quarter. Checchi Capital Advisers LLC now owns 11,852 shares of the company’s stock worth $300,000 after buying an additional 732 shares in the last quarter. Meitav Investment House Ltd. bought a new stake in Coterra Energy in the second quarter valued at $213,000. Cambria Investment Management L.P. bought a new position in shares of Coterra Energy during the 2nd quarter worth about $7,310,000. Cetera Advisor Networks LLC grew its stake in shares of Coterra Energy by 0.5% in the 2nd quarter. Cetera Advisor Networks LLC now owns 128,395 shares of the company’s stock valued at $3,248,000 after buying an additional 671 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Coterra Energy by 3.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 15,844,954 shares of the company’s stock valued at $400,877,000 after buying an additional 586,259 shares in the last quarter. Institutional investors and hedge funds own 90.54% of the company’s stock.
In related news, Director Dan O. Dinges sold 400,000 shares of the stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $26.60, for a total transaction of $10,640,000.00. Following the sale, the director now owns 3,302,392 shares of the company’s stock, valued at approximately $87,843,627.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Coterra Energy news, Director Dan O. Dinges sold 68,275 shares of the firm’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $27.22, for a total value of $1,858,445.50. Following the completion of the transaction, the director now directly owns 3,152,392 shares of the company’s stock, valued at approximately $85,808,110.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dan O. Dinges sold 400,000 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $26.60, for a total transaction of $10,640,000.00. Following the completion of the transaction, the director now directly owns 3,302,392 shares in the company, valued at approximately $87,843,627.20. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
Coterra Energy Stock Performance
Coterra Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Wednesday, November 15th. Coterra Energy’s payout ratio is currently 27.49%.
Analysts Set New Price Targets
A number of brokerages recently issued reports on CTRA. Citigroup increased their target price on Coterra Energy from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, September 20th. Stephens reiterated an “overweight” rating and set a $32.00 price target on shares of Coterra Energy in a report on Tuesday, August 8th. Raymond James raised shares of Coterra Energy from a “market perform” rating to an “outperform” rating and set a $34.00 price objective on the stock in a report on Tuesday, October 24th. Mizuho reiterated a “buy” rating and issued a $42.00 target price on shares of Coterra Energy in a report on Tuesday, September 19th. Finally, Susquehanna boosted their price target on shares of Coterra Energy from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, October 18th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $31.93.
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 primarily focuses on the Marcellus Shale with approximately 183,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.
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