State of Alaska Department of Revenue Boosts Holdings in Coterra Energy Inc. (NYSE:CTRA)

State of Alaska Department of Revenue raised its holdings in Coterra Energy Inc. (NYSE:CTRA) by 7.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 146,087 shares of the company’s stock after buying an additional 9,695 shares during the quarter. State of Alaska Department of Revenue’s holdings in Coterra Energy were worth $3,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTRA. Vanguard Group Inc. purchased a new stake in shares of Coterra Energy during the 1st quarter worth about $2,472,575,000. State Street Corp acquired a new stake in Coterra Energy in the first quarter valued at approximately $1,493,855,000. Geode Capital Management LLC grew its position in Coterra Energy by 5.7% in the first quarter. Geode Capital Management LLC now owns 18,494,265 shares of the company’s stock valued at $454,088,000 after acquiring an additional 1,000,620 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Coterra Energy by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,080,590 shares of the company’s stock valued at $434,980,000 after acquiring an additional 235,636 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Coterra Energy by 3.5% in the third quarter. Victory Capital Management Inc. now owns 15,945,601 shares of the company’s stock valued at $431,329,000 after acquiring an additional 544,768 shares in the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Coterra Energy Price Performance

Shares of CTRA opened at $28.31 on Wednesday. The firm has a market capitalization of $21.28 billion, a price-to-earnings ratio of 13.23 and a beta of 0.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.18 and a current ratio of 1.21. Coterra Energy Inc. has a one year low of $22.91 and a one year high of $29.89. The stock’s fifty day moving average is $25.92 and its 200-day moving average is $26.29.

Coterra Energy (NYSE:CTRA) last released its earnings results on Thursday, February 22nd. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. Coterra Energy had a return on equity of 12.97% and a net margin of 27.48%. Equities analysts anticipate that Coterra Energy Inc. will post 1.98 EPS for the current year.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a $0.21 dividend. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.97%. Coterra Energy’s dividend payout ratio (DPR) is 39.25%.

Analyst Ratings Changes

CTRA has been the subject of several recent research reports. Wells Fargo & Company raised shares of Coterra Energy from an “equal weight” rating to an “overweight” rating and set a $30.00 price objective for the company in a research report on Thursday, December 14th. Stifel Nicolaus reduced their target price on Coterra Energy from $33.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Bank of America upgraded Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Friday, January 5th. Susquehanna upgraded Coterra Energy from a “neutral” rating to a “positive” rating and reduced their target price for the company from $31.00 to $30.00 in a research note on Friday, January 26th. Finally, UBS Group increased their target price on Coterra Energy from $31.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Coterra Energy presently has an average rating of “Moderate Buy” and an average target price of $31.77.

Insider Activity at Coterra Energy

In related news, CAO Todd M. Roemer sold 55,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $27.06, for a total value of $1,488,300.00. Following the completion of the transaction, the chief accounting officer now owns 176,758 shares in the company, valued at approximately $4,783,071.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Todd M. Roemer sold 55,000 shares of Coterra Energy stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $27.06, for a total transaction of $1,488,300.00. Following the completion of the sale, the chief accounting officer now directly owns 176,758 shares in the company, valued at approximately $4,783,071.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael D. Deshazer sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $26.06, for a total value of $364,840.00. Following the completion of the transaction, the vice president now directly owns 93,988 shares in the company, valued at $2,449,327.28. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

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'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.