Summit Global Investments Acquires New Holdings in Coterra Energy Inc. $CTRA

Summit Global Investments bought a new stake in shares of Coterra Energy Inc. (NYSE:CTRA) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 45,914 shares of the company’s stock, valued at approximately $1,086,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Coterra Energy by 3.1% in the second quarter. Vanguard Group Inc. now owns 95,209,961 shares of the company’s stock valued at $2,416,429,000 after acquiring an additional 2,872,288 shares during the period. State Street Corp grew its holdings in shares of 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 buying an additional 386,526 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Coterra Energy by 5.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 26,800,493 shares of the company’s stock worth $680,197,000 after buying an additional 1,495,553 shares during the last quarter. Geode Capital Management LLC grew its position in 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. Finally, Schroder Investment Management Group lifted its holdings in Coterra Energy by 1.1% in the second quarter. Schroder Investment Management Group now owns 13,575,101 shares of the company’s stock valued at $344,536,000 after acquiring an additional 141,830 shares during the period. 87.92% of the stock is owned by hedge funds and other institutional investors.

Coterra Energy Price Performance

Shares of CTRA opened at $28.84 on Friday. The company has a market capitalization of $21.96 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.66 and a beta of 0.36. The business’s 50-day moving average is $26.31 and its two-hundred day moving average is $24.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.02. Coterra Energy Inc. has a fifty-two week low of $22.33 and a fifty-two week high of $29.82.

Coterra Energy (NYSE:CTRA) last announced 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 net margin of 23.25% and a return on equity of 11.23%. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. The firm’s revenue was up 33.7% compared to the same quarter last year. Research analysts predict that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. Coterra Energy’s payout ratio is presently 40.55%.

Analysts Set New Price Targets

Several analysts have recently commented on CTRA shares. Raymond James Financial lifted their target price on shares of Coterra Energy from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, November 24th. Stephens boosted their price objective on Coterra Energy from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Coterra Energy in a research report on Monday, December 29th. Scotiabank set a $31.00 price objective on shares of Coterra Energy in a research report on Friday, January 16th. Finally, UBS Group increased their target price on shares of Coterra Energy from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Sixteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.81.

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.