Pinnacle Associates Ltd. Has $343,000 Stock Holdings in Coterra Energy Inc. (NYSE:CTRA)

Pinnacle Associates Ltd. grew its holdings in Coterra Energy Inc. (NYSE:CTRAFree Report) by 5.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,443 shares of the company’s stock after purchasing an additional 679 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Coterra Energy were worth $343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Van ECK Associates Corp raised its stake in Coterra Energy by 2.1% during the 3rd quarter. Van ECK Associates Corp now owns 113,399 shares of the company’s stock worth $3,068,000 after buying an additional 2,376 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Coterra Energy during the 3rd quarter worth approximately $1,461,000. Nordea Investment Management AB raised its stake in Coterra Energy by 3.9% during the 3rd quarter. Nordea Investment Management AB now owns 803,979 shares of the company’s stock worth $21,844,000 after buying an additional 30,237 shares during the period. Royal Bank of Canada raised its stake in Coterra Energy by 9.8% during the 3rd quarter. Royal Bank of Canada now owns 3,336,830 shares of the company’s stock worth $90,261,000 after buying an additional 296,676 shares during the period. Finally, American Century Companies Inc. raised its stake in Coterra Energy by 54.8% during the 3rd quarter. American Century Companies Inc. now owns 753,719 shares of the company’s stock worth $20,388,000 after buying an additional 266,700 shares during the period. 87.92% of the stock is owned by institutional investors and hedge funds.

Coterra Energy Stock Performance

CTRA stock opened at $28.38 on Thursday. The firm has a market cap of $21.33 billion, a PE ratio of 13.26 and a beta of 0.21. The company has a quick ratio of 1.18, a current ratio of 1.21 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average of $25.99 and a 200-day moving average of $26.31. Coterra Energy Inc. has a 12-month low of $22.91 and a 12-month high of $29.89.

Coterra Energy (NYSE:CTRAGet Free Report) last released its earnings results on Thursday, February 22nd. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.06). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. Coterra Energy had a net margin of 27.48% and a return on equity of 12.97%. As a group, sell-side analysts expect that Coterra Energy Inc. will post 1.98 earnings per share for the current year.

Coterra Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.21 dividend. The ex-dividend date was Wednesday, March 13th. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 2.96%. Coterra Energy’s dividend payout ratio is currently 39.25%.

Insider Activity

In other Coterra Energy news, CAO Todd M. Roemer sold 55,000 shares of the firm’s 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 sale, the chief accounting officer now directly owns 176,758 shares of the company’s stock, valued at $4,783,071.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coterra Energy news, CAO Todd M. Roemer sold 55,000 shares of the firm’s 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 sale, the chief accounting officer now directly owns 176,758 shares of the company’s stock, valued at $4,783,071.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael D. Deshazer sold 14,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $26.06, for a total value of $364,840.00. Following the completion of the sale, the vice president now directly owns 93,988 shares of the company’s stock, 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.

Analyst Ratings Changes

A number of research analysts recently weighed in on CTRA shares. Piper Sandler upped their price target on Coterra Energy from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Bank of America raised Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Friday, January 5th. Stifel Nicolaus dropped their price target on Coterra Energy from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. UBS Group increased their price objective on Coterra Energy from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Finally, Citigroup raised Coterra Energy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $28.00 to $30.00 in a research note on Monday, December 11th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.77.

Check Out Our Latest Stock Report on CTRA

About Coterra Energy

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Coterra Energy (NYSE:CTRA)

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