Truist Financial Corp Lowers Stock Holdings in Coterra Energy Inc. (NYSE:CTRA)

Truist Financial Corp cut its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 13.3% in the 4th quarter, Holdings Channel reports. The fund owned 265,544 shares of the company’s stock after selling 40,684 shares during the quarter. Truist Financial Corp’s holdings in Coterra Energy were worth $6,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CTRA. Charles Schwab Investment Management Inc. raised its stake in shares of Coterra Energy by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 16,080,590 shares of the company’s stock worth $434,980,000 after purchasing an additional 235,636 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Coterra Energy by 3.5% during the third quarter. Victory Capital Management Inc. now owns 15,945,601 shares of the company’s stock worth $431,329,000 after purchasing an additional 544,768 shares in the last quarter. Invesco Ltd. raised its holdings in Coterra Energy by 1.5% during the third quarter. Invesco Ltd. now owns 10,723,660 shares of the company’s stock worth $290,075,000 after purchasing an additional 161,776 shares in the last quarter. Northern Trust Corp lifted its position in Coterra Energy by 2.3% in the third quarter. Northern Trust Corp now owns 9,084,114 shares of the company’s stock valued at $245,725,000 after purchasing an additional 201,520 shares during the period. Finally, Morgan Stanley boosted its holdings in Coterra Energy by 5.9% in the 3rd quarter. Morgan Stanley now owns 8,421,481 shares of the company’s stock valued at $227,801,000 after purchasing an additional 466,511 shares in the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Bank of America raised Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a report on Friday, January 5th. Barclays assumed coverage on Coterra Energy in a report on Wednesday, April 10th. They issued an “overweight” rating and a $36.00 target price for the company. Scotiabank boosted their target price on shares of Coterra Energy from $31.00 to $35.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Piper Sandler increased their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Truist Financial decreased their price objective on shares of Coterra Energy from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

Coterra Energy Trading Up 3.8 %

Shares of Coterra Energy stock opened at $28.19 on Friday. 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 price of $27.30 and a 200 day moving average price of $26.40. The company has a market capitalization of $21.19 billion, a P/E ratio of 13.17 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.49 earnings per share 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 analyst estimates of $1.54 billion. Coterra Energy had a return on equity of 12.97% and a net margin of 27.48%. Sell-side analysts anticipate that Coterra Energy Inc. will post 1.82 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th will be issued a $0.21 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.84 dividend on an annualized basis and a yield of 2.98%. Coterra Energy’s dividend payout ratio (DPR) is 39.25%.

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.