Coterra Energy Inc. (NYSE:CTRA) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its stake in Coterra Energy Inc. (NYSE:CTRA) by 26.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 608,448 shares of the company’s stock after selling 215,064 shares during the quarter. New York State Common Retirement Fund’s holdings in Coterra Energy were worth $15,528,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CTRA. Schroder Investment Management Group raised its holdings in shares of Coterra Energy by 21.7% in the third quarter. Schroder Investment Management Group now owns 7,187,516 shares of the company’s stock worth $194,422,000 after acquiring an additional 1,281,094 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Coterra Energy by 60.4% in the third quarter. AQR Capital Management LLC now owns 1,936,277 shares of the company’s stock worth $52,376,000 after acquiring an additional 729,306 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Coterra Energy by 47.2% in the third quarter. Envestnet Asset Management Inc. now owns 2,247,785 shares of the company’s stock valued at $60,803,000 after purchasing an additional 720,464 shares during the last quarter. Victory Capital Management Inc. increased its stake 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 purchasing an additional 544,768 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Coterra Energy by 59.3% in the third quarter. O Shaughnessy Asset Management LLC now owns 1,454,603 shares of the company’s stock valued at $39,347,000 after purchasing an additional 541,518 shares during the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coterra Energy

In related news, VP Michael D. Deshazer sold 14,000 shares of the stock in a transaction dated 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 transaction, the vice president now owns 93,988 shares of the company’s stock, valued at $2,449,327.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Coterra Energy news, CAO Todd M. Roemer sold 55,000 shares of the company’s 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 in the company, valued at $4,783,071.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael D. Deshazer sold 14,000 shares of the company’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 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. 1.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CTRA has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Coterra Energy from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. 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. Truist Financial dropped their target price on Coterra Energy from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, April 5th. UBS Group boosted their price target on Coterra Energy from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Stephens reissued an “overweight” rating and set a $39.00 price target on shares of Coterra Energy in a research report 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 presently has a consensus rating of “Moderate Buy” and an average price target of $32.47.

Coterra Energy Price Performance

Shares of NYSE CTRA opened at $28.29 on Monday. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of 13.22 and a beta of 0.21. Coterra Energy Inc. has a 1-year low of $22.91 and a 1-year high of $29.89. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.21 and a quick ratio of 1.18. The business has a 50-day moving average of $27.10 and a 200-day moving average of $26.42.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Coterra Energy had a net margin of 27.48% and a return on equity of 12.97%. On average, equities analysts anticipate that Coterra Energy Inc. will post 1.82 EPS for the current fiscal year.

Coterra Energy Increases Dividend

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

Coterra Energy Profile

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.