Kentucky Retirement Systems Sells 1,041 Shares of Coterra Energy Inc. (NYSE:CTRA)

Kentucky Retirement Systems cut its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 1.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 56,083 shares of the company’s stock after selling 1,041 shares during the period. Kentucky Retirement Systems’ holdings in Coterra Energy were worth $1,496,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC boosted its position in shares of Coterra Energy by 27.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 83,269 shares of the company’s stock valued at $2,091,000 after acquiring an additional 17,782 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in Coterra Energy by 12.3% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 27,344 shares of the company’s stock valued at $729,000 after purchasing an additional 2,994 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Coterra Energy by 7.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 37,485 shares of the company’s stock valued at $1,000,000 after purchasing an additional 2,536 shares during the last quarter. Argent Trust Co purchased a new position in shares of Coterra Energy in the 2nd quarter worth $507,000. Finally, Meiji Yasuda Life Insurance Co bought a new stake in shares of Coterra Energy in the 2nd quarter worth about $413,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Coterra Energy Stock Performance

Coterra Energy stock opened at $23.66 on Friday. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $29.89. The company has a market capitalization of $17.61 billion, a PE ratio of 13.68, a P/E/G ratio of 1.16 and a beta of 0.22. The company has a 50 day moving average price of $24.42 and a 200-day moving average price of $26.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40.

Coterra Energy (NYSE:CTRA) last issued its earnings results on Thursday, August 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02). Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Coterra Energy’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Coterra Energy Inc. will post 1.95 earnings per share for the current year.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Thursday, August 15th. Coterra Energy’s payout ratio is 48.55%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America reaffirmed a “buy” rating and issued a $34.00 price target on shares of Coterra Energy in a report on Friday, June 14th. Truist Financial dropped their target price on Coterra Energy from $35.00 to $34.00 and set a “buy” rating for the company in a report on Monday, July 22nd. JPMorgan Chase & Co. decreased their price target on Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Roth Mkm raised shares of Coterra Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $25.00 to $29.00 in a research note on Tuesday, August 27th. Finally, Morgan Stanley reduced their target price on shares of Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Coterra Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.59.

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.