Primecap Management Co. CA Sells 50,880 Shares of Coterra Energy Inc. $CTRA

Primecap Management Co. CA lessened its holdings in Coterra Energy Inc. (NYSE:CTRA) by 2.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,989,550 shares of the company’s stock after selling 50,880 shares during the period. Primecap Management Co. CA owned about 0.26% of Coterra Energy worth $50,495,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CTRA. Teachers Retirement System of The State of Kentucky boosted its position in Coterra Energy by 3.7% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 56,839 shares of the company’s stock valued at $1,643,000 after acquiring an additional 2,043 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Coterra Energy by 18.3% in the first quarter. Allianz Asset Management GmbH now owns 125,776 shares of the company’s stock valued at $3,635,000 after purchasing an additional 19,452 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Coterra Energy in the 1st quarter valued at about $391,000. AE Wealth Management LLC bought a new position in shares of Coterra Energy during the 1st quarter worth approximately $248,000. Finally, Argonautica Private Wealth Management Inc. grew its holdings in Coterra Energy by 4.0% in the first quarter. Argonautica Private Wealth Management Inc. now owns 12,282 shares of the company’s stock worth $355,000 after purchasing an additional 477 shares during the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTRA has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Coterra Energy from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Stephens lowered their target price on shares of Coterra Energy from $34.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, October 21st. Barclays dropped their target price on shares of Coterra Energy from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Scotiabank decreased their price target on shares of Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a report on Thursday, October 9th. Finally, Mizuho cut their target price on Coterra Energy from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Seventeen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Coterra Energy currently has a consensus rating of “Moderate Buy” and an average price target of $32.38.

Coterra Energy Price Performance

Shares of NYSE CTRA opened at $25.77 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13. The firm has a fifty day moving average of $24.24 and a 200 day moving average of $24.50. The firm has a market cap of $19.62 billion, a PE ratio of 12.33, a PEG ratio of 0.36 and a beta of 0.30. Coterra Energy Inc. has a one year low of $22.33 and a one year high of $29.95.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.02). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. The business’s revenue for the quarter was up 33.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. As a group, research analysts predict that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.4%. The ex-dividend date is Thursday, November 13th. Coterra Energy’s payout ratio is 40.55%.

Coterra Energy 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.