Coterra Energy (NYSE:CTRA) Stock Price Down 7.6% Following Analyst Downgrade

Shares of Coterra Energy Inc. (NYSE:CTRA) fell 7.6% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $37.00 to $35.00. Barclays currently has an overweight rating on the stock. Coterra Energy traded as low as $22.84 and last traded at $23.35. 3,538,633 shares changed hands during trading, a decline of 43% from the average session volume of 6,202,442 shares. The stock had previously closed at $25.27.

Several other research analysts have also weighed in on CTRA. Truist Financial raised their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Scotiabank reduced their price target on shares of Coterra Energy from $38.00 to $33.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Johnson Rice upgraded shares of Coterra Energy from a “hold” rating to an “accumulate” rating and increased their price objective for the stock from $34.00 to $37.00 in a research note on Wednesday, March 12th. The Goldman Sachs Group lifted their target price on Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Williams Trading set a $37.00 price target on Coterra Energy in a research report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.85.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTRA. Dark Forest Capital Management LP purchased a new stake in shares of Coterra Energy during the fourth quarter worth $942,000. State of Tennessee Department of Treasury lifted its holdings in shares of Coterra Energy by 7.1% during the 4th quarter. State of Tennessee Department of Treasury now owns 472,799 shares of the company’s stock valued at $12,075,000 after buying an additional 31,425 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Coterra Energy in the 4th quarter valued at approximately $641,000. Czech National Bank grew its stake in shares of Coterra Energy by 6.1% in the 4th quarter. Czech National Bank now owns 159,713 shares of the company’s stock valued at $4,079,000 after buying an additional 9,115 shares in the last quarter. Finally, Bourgeon Capital Management LLC raised its position in Coterra Energy by 107.0% during the fourth quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock valued at $6,052,000 after acquiring an additional 122,487 shares in the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Coterra Energy Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. The stock has a market capitalization of $17.89 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.59 and a beta of 0.33. The stock’s 50 day simple moving average is $26.58 and its 200-day simple moving average is $26.41.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.09. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The firm had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $1.92 billion. During the same period in the prior year, the company posted $0.51 earnings per share. Coterra Energy’s revenue for the quarter was up 32.9% on a year-over-year basis. On average, analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.76%. Coterra Energy’s 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.