Cornerstone Investment Partners LLC Sells 525 Shares of Coterra Energy Inc. (NYSE:CTRA)

Cornerstone Investment Partners LLC lessened its stake in Coterra Energy Inc. (NYSE:CTRA) by 0.8% during the fourth quarter, HoldingsChannel reports. The firm owned 69,053 shares of the company’s stock after selling 525 shares during the period. Cornerstone Investment Partners LLC’s holdings in Coterra Energy were worth $1,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. bought a new stake in shares of Coterra Energy in the 1st quarter worth approximately $2,472,575,000. State Street Corp bought a new stake in Coterra Energy during the 1st quarter valued at $1,493,855,000. Geode Capital Management LLC raised its holdings in Coterra Energy by 5.7% during the 1st 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in Coterra Energy by 1.5% during the 3rd 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 during the period. 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 worth $431,329,000 after acquiring an additional 544,768 shares in the last quarter. Institutional investors own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Mizuho restated a “buy” rating and set a $34.00 price target on shares of Coterra Energy in a research report on Wednesday, April 3rd. Raymond James upped their price target on shares of Coterra Energy from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Morgan Stanley upped their price target on shares of Coterra Energy from $26.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday. Stifel Nicolaus cut their price target on shares of Coterra Energy from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Stephens reaffirmed an “overweight” rating and set a $39.00 price objective on shares of Coterra Energy in a research note on Tuesday, January 23rd. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.20.

Coterra Energy Trading Up 1.4 %

CTRA stock traded up $0.39 during trading on Friday, reaching $27.61. The company had a trading volume of 2,477,987 shares, compared to its average volume of 6,851,602. Coterra Energy Inc. has a 52 week low of $22.91 and a 52 week high of $29.89. The company has a market cap of $20.76 billion, a P/E ratio of 12.72 and a beta of 0.21. The business has a 50 day moving average of $26.59 and a 200 day moving average of $26.37. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.21 and a quick ratio of 1.18.

Coterra Energy (NYSE:CTRA) last released its quarterly 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 company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. Coterra Energy had a return on equity of 12.97% and a net margin of 27.48%. As a group, sell-side analysts forecast that Coterra Energy Inc. will post 1.93 earnings per share for the current fiscal year.

Coterra Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost from Coterra Energy’s previous quarterly dividend of $0.20. Coterra Energy’s dividend payout ratio is 39.25%.

Insiders Place Their Bets

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

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.