Coterra Energy (NYSE:CTRA) Hits New 52-Week Low on Analyst Downgrade

Coterra Energy Inc. (NYSE:CTRA)’s share price reached a new 52-week low on Wednesday after Bank of America lowered their price target on the stock from $34.00 to $33.00. Bank of America currently has a buy rating on the stock. Coterra Energy traded as low as $24.40 and last traded at $24.58, with a volume of 6828638 shares trading hands. The stock had previously closed at $25.51.

CTRA has been the subject of a number of other reports. Scotiabank reduced their price objective on shares of Coterra Energy from $38.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Wells Fargo & Company raised their price target on Coterra Energy from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, April 21st. The Goldman Sachs Group upped their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. dropped their target price on Coterra Energy from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Barclays cut their price target on shares of Coterra Energy from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.95.

Insider Activity

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the transaction, the senior vice president now owns 126,770 shares in the company, valued at approximately $3,374,617.40. This represents a 21.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin William Smith sold 25,733 shares of Coterra Energy stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total value of $748,572.97. Following the completion of the sale, the senior vice president now directly owns 106,114 shares of the company’s stock, valued at $3,086,856.26. The trade was a 19.52 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CTRA. Cornerstone Planning Group LLC boosted its position in shares of Coterra Energy by 175.6% during the first quarter. Cornerstone Planning Group LLC now owns 871 shares of the company’s stock worth $25,000 after acquiring an additional 555 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Coterra Energy by 463.5% in the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company’s stock worth $26,000 after purchasing an additional 737 shares during the last quarter. City State Bank purchased a new stake in shares of Coterra Energy in the fourth quarter worth about $26,000. AdvisorNet Financial Inc boosted its stake in Coterra Energy by 192.2% during the fourth quarter. AdvisorNet Financial Inc now owns 1,131 shares of the company’s stock valued at $29,000 after buying an additional 744 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in Coterra Energy during the 1st quarter valued at approximately $34,000. Institutional investors own 87.92% of the company’s stock.

Coterra Energy Trading Up 1.5 %

The firm has a market cap of $19.06 billion, a P/E ratio of 15.02, a P/E/G ratio of 0.59 and a beta of 0.47. The stock has a 50 day simple moving average of $26.64 and a 200-day simple moving average of $26.35. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.53%. The ex-dividend date was Thursday, March 13th. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s dividend payout ratio is presently 58.28%.

Coterra Energy Company 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.