Allstate Corp Buys New Stake in Coterra Energy Inc. $CTRA

Allstate Corp purchased a new position in Coterra Energy Inc. (NYSE:CTRA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,778 shares of the company’s stock, valued at approximately $633,000.

A number of other institutional investors also recently added to or reduced their stakes in CTRA. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Coterra Energy by 71.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 83,886 shares of the company’s stock worth $2,058,000 after buying an additional 35,027 shares in the last quarter. Nippon Life Global Investors Americas Inc. grew its position in Coterra Energy by 5.6% in the third quarter. Nippon Life Global Investors Americas Inc. now owns 21,580 shares of the company’s stock valued at $510,000 after acquiring an additional 1,150 shares during the period. Maryland State Retirement & Pension System raised its stake in Coterra Energy by 4.7% during the third quarter. Maryland State Retirement & Pension System now owns 38,390 shares of the company’s stock worth $908,000 after acquiring an additional 1,725 shares in the last quarter. QRG Capital Management Inc. raised its stake in Coterra Energy by 67.0% during the third quarter. QRG Capital Management Inc. now owns 143,188 shares of the company’s stock worth $3,386,000 after acquiring an additional 57,461 shares in the last quarter. Finally, Gibraltar Capital Management Inc. lifted its holdings in shares of Coterra Energy by 4.1% during the third quarter. Gibraltar Capital Management Inc. now owns 382,765 shares of the company’s stock valued at $9,052,000 after acquiring an additional 15,226 shares during the period. 87.92% of the stock is owned by institutional investors and hedge funds.

Coterra Energy Price Performance

Shares of CTRA stock opened at $27.27 on Friday. Coterra Energy Inc. has a 1 year low of $22.33 and a 1 year high of $29.82. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The firm’s 50 day moving average is $26.08 and its 200-day moving average is $24.79. The firm has a market capitalization of $20.76 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.59 and a beta of 0.36.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). Coterra Energy had a return on equity of 11.23% and a net margin of 23.25%.The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter last year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 33.7% on a year-over-year basis. Sell-side analysts forecast that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, November 13th. Coterra Energy’s dividend payout ratio is 40.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $27.00 target price on shares of Coterra Energy in a report on Tuesday, November 4th. JPMorgan Chase & Co. decreased their price objective on shares of Coterra Energy from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, January 12th. BMO Capital Markets dropped their price objective on shares of Coterra Energy from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Monday, December 15th. Scotiabank set a $31.00 target price on shares of Coterra Energy in a research note on Friday, January 16th. Finally, Piper Sandler reduced their target price on Coterra Energy from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Sixteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.57.

Coterra Energy Company Profile

Coterra Energy (NYSE: CTRA) is an independent oil and natural gas exploration and production company focused on the development, production and optimization of onshore hydrocarbon resources in the United States. The company’s operations center on the exploration, drilling, completion and production of crude oil, natural gas and natural gas liquids (NGLs), with an emphasis on maximizing operational efficiency and capital discipline across its asset base.

Its business activities include identifying and developing resource-rich acreage, operating producing wells, managing reservoir performance and marketing produced hydrocarbons to a range of midstream and energy customers.