Coterra Energy Inc. $CTRA Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System increased its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 5.8% in the second quarter, HoldingsChannel reports. The firm owned 244,459 shares of the company’s stock after acquiring an additional 13,500 shares during the quarter. State of Michigan Retirement System’s holdings in Coterra Energy were worth $6,204,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Coterra Energy by 4.3% during the first quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company’s stock worth $2,668,559,000 after purchasing an additional 3,818,700 shares during the period. Wellington Management Group LLP boosted its holdings in Coterra Energy by 15.3% in the first quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company’s stock valued at $2,416,939,000 after purchasing an additional 11,102,350 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Coterra Energy by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 25,304,940 shares of the company’s stock valued at $731,313,000 after purchasing an additional 1,837,614 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Coterra Energy by 5.7% in the first quarter. Victory Capital Management Inc. now owns 18,828,688 shares of the company’s stock valued at $544,149,000 after purchasing an additional 1,019,995 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Coterra Energy by 1.2% in the first quarter. Invesco Ltd. now owns 12,384,728 shares of the company’s stock valued at $357,919,000 after purchasing an additional 152,244 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

Coterra Energy Stock Up 6.0%

Coterra Energy stock opened at $25.85 on Wednesday. The stock has a market capitalization of $19.73 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 0.36 and a beta of 0.29. Coterra Energy Inc. has a 12 month low of $22.33 and a 12 month high of $29.95. The business has a 50 day simple moving average of $23.81 and a 200-day simple moving average of $24.42. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). The business had revenue of $558.00 million during 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 firm’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. On average, analysts anticipate that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, November 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Thursday, November 13th. Coterra Energy’s dividend payout ratio is 42.11%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Coterra Energy from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Stephens reduced their price target on Coterra Energy from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Coterra Energy in a research report on Wednesday, October 8th. Barclays reduced their price target on Coterra Energy from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Finally, Scotiabank reduced their price target on Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 9th. Sixteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.35.

About Coterra Energy

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.