Piper Sandler Cuts Coterra Energy (NYSE:CTRA) Price Target to $36.00

Coterra Energy (NYSE:CTRA) had its price objective trimmed by Piper Sandler from $37.00 to $36.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

Several other analysts have also issued reports on CTRA. The Goldman Sachs Group upped their price objective on Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Barclays dropped their price objective on Coterra Energy from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Jefferies Financial Group upped their price objective on Coterra Energy from $26.00 to $28.00 and gave the company a “hold” rating in a research note on Tuesday, February 4th. Morgan Stanley set a $28.00 price objective on Coterra Energy in a research note on Tuesday, April 15th. Finally, Johnson Rice upgraded Coterra Energy from a “hold” rating to an “accumulate” rating and upped their price objective for the company from $34.00 to $37.00 in a research note on Wednesday, March 12th. Three 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 company. According to MarketBeat, Coterra Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.50.

Coterra Energy Stock Performance

CTRA opened at $24.70 on Tuesday. Coterra Energy has a 52-week low of $22.30 and a 52-week high of $29.95. The firm has a market capitalization of $18.85 billion, a PE ratio of 14.88, a PEG ratio of 0.59 and a beta of 0.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. The business’s 50-day simple moving average is $26.18 and its 200 day simple moving average is $26.37.

Coterra Energy (NYSE:CTRA) last released its earnings results on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.09. Coterra Energy had a return on equity of 9.38% and a net margin of 21.91%. The business had revenue of $924.00 million for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. Coterra Energy’s revenue was up 32.9% on a year-over-year basis. As a group, sell-side analysts expect that Coterra Energy will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date is Thursday, May 15th. Coterra Energy’s dividend payout ratio is currently 51.16%.

Insider Buying and Selling

In related news, SVP Kevin William Smith sold 25,733 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total transaction of $748,572.97. Following the sale, the senior vice president now owns 106,114 shares of the company’s stock, valued at $3,086,856.26. This 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 the SEC website. Also, SVP Michael D. Deshazer sold 35,377 shares of the firm’s 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 directly owns 126,770 shares in the company, valued at approximately $3,374,617.40. This represents a 21.82% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coterra Energy

A number of large investors have recently modified their holdings of the business. EP Wealth Advisors LLC boosted its holdings in shares of Coterra Energy by 38.6% in the 1st quarter. EP Wealth Advisors LLC now owns 34,192 shares of the company’s stock valued at $988,000 after purchasing an additional 9,518 shares in the last quarter. Cigna Investments Inc. New bought a new position in shares of Coterra Energy in the 1st quarter valued at $215,000. One Wealth Capital Management LLC bought a new position in shares of Coterra Energy in the 1st quarter valued at $203,000. Flputnam Investment Management Co. lifted its stake in shares of Coterra Energy by 6.8% in the 1st quarter. Flputnam Investment Management Co. now owns 33,174 shares of the company’s stock valued at $959,000 after acquiring an additional 2,100 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Coterra Energy by 5.6% in the 1st quarter. Royal Bank of Canada now owns 3,830,864 shares of the company’s stock valued at $110,712,000 after acquiring an additional 201,964 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

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.