OLD National Bancorp IN Boosts Holdings in Coterra Energy Inc. $CTRA

OLD National Bancorp IN raised its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 10.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 403,763 shares of the company’s stock after acquiring an additional 37,859 shares during the quarter. OLD National Bancorp IN’s holdings in Coterra Energy were worth $10,248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Donald L. Hagan LLC lifted its holdings in Coterra Energy by 1.1% during the first quarter. Donald L. Hagan LLC now owns 35,754 shares of the company’s stock valued at $1,033,000 after purchasing an additional 401 shares in the last quarter. Saxon Interests Inc. lifted its holdings in Coterra Energy by 5.1% during the first quarter. Saxon Interests Inc. now owns 9,319 shares of the company’s stock valued at $269,000 after purchasing an additional 451 shares in the last quarter. Tectonic Advisors LLC lifted its holdings in Coterra Energy by 3.2% during the first quarter. Tectonic Advisors LLC now owns 14,834 shares of the company’s stock valued at $429,000 after purchasing an additional 459 shares in the last quarter. Procyon Advisors LLC lifted its stake in shares of Coterra Energy by 3.6% in the first quarter. Procyon Advisors LLC now owns 13,460 shares of the company’s stock worth $389,000 after buying an additional 469 shares in the last quarter. Finally, Hartford Funds Management Co LLC lifted its stake in shares of Coterra Energy by 1.4% in the first quarter. Hartford Funds Management Co LLC now owns 35,301 shares of the company’s stock worth $1,020,000 after buying an additional 472 shares in the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CTRA. Mizuho decreased their price target on shares of Coterra Energy from $36.00 to $33.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Scotiabank reissued an “outperform” rating on shares of Coterra Energy in a research note on Friday, July 11th. Piper Sandler raised their price target on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. The Goldman Sachs Group reissued a “neutral” rating and issued a $31.00 price target on shares of Coterra Energy in a research note on Tuesday, July 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Coterra Energy in a research note on Saturday, September 27th. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.22.

Coterra Energy Price Performance

Coterra Energy stock opened at $23.30 on Friday. Coterra Energy Inc. has a 12-month low of $22.46 and a 12-month high of $29.95. The stock has a market cap of $17.78 billion, a P/E ratio of 11.15, a PEG ratio of 0.33 and a beta of 0.29. The company has a 50-day moving average price of $23.93 and a 200 day moving average price of $24.96. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings data on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%.The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business posted $0.37 earnings per share. Coterra Energy’s revenue for the quarter was up 54.6% on a year-over-year basis. Sell-side analysts anticipate that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a dividend of $0.22 per share. The ex-dividend date was Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.8%. Coterra Energy’s dividend payout ratio (DPR) is currently 42.11%.

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.