JPMorgan Chase & Co. Cuts Coterra Energy (NYSE:CTRA) Price Target to $31.00

Coterra Energy (NYSE:CTRA) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $34.00 to $31.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 25.38% from the stock’s previous close.

Several other brokerages also recently weighed in on CTRA. Barclays cut their target price on shares of Coterra Energy from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. BMO Capital Markets lowered their price target 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. Stephens cut their price objective on shares of Coterra Energy from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, October 21st. Raymond James Financial raised their target price on shares of Coterra Energy from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, November 24th. Finally, Morgan Stanley lowered their target price on shares of Coterra Energy from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.73.

Coterra Energy Price Performance

Shares of Coterra Energy stock traded down $0.10 during trading on Monday, hitting $24.73. 4,697,688 shares of the company were exchanged, compared to its average volume of 8,275,203. Coterra Energy has a fifty-two week low of $22.33 and a fifty-two week high of $29.95. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average price of $26.10 and a 200 day moving average price of $24.75. The stock has a market capitalization of $18.83 billion, a price-to-earnings ratio of 11.39, a P/E/G ratio of 0.38 and a beta of 0.36.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the previous year, the business posted $0.32 EPS. The business’s quarterly revenue was up 33.7% on a year-over-year basis. On average, equities analysts expect that Coterra Energy will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of Coterra Energy

Several institutional investors have recently made changes to their positions in CTRA. Vanguard Group Inc. raised its position in shares of Coterra Energy by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 98,991,567 shares of the company’s stock worth $2,341,151,000 after buying an additional 3,781,606 shares during the period. State Street Corp grew its position in Coterra Energy by 0.9% during the second quarter. State Street Corp now owns 45,588,319 shares of the company’s stock valued at $1,157,032,000 after acquiring an additional 386,526 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Coterra Energy by 5.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 26,800,493 shares of the company’s stock worth $680,197,000 after acquiring an additional 1,495,553 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Coterra Energy by 2.5% in the 3rd quarter. Victory Capital Management Inc. now owns 21,581,809 shares of the company’s stock worth $510,410,000 after purchasing an additional 534,132 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Coterra Energy by 4.8% in the 2nd quarter. Geode Capital Management LLC now owns 20,685,670 shares of the company’s stock worth $522,936,000 after purchasing an additional 953,824 shares during the period. 87.92% of the stock is owned by hedge funds and other institutional investors.

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.