Pinnacle Associates Ltd. Lowers Position in Coterra Energy Inc. (NYSE:CTRA)

Pinnacle Associates Ltd. cut its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,443 shares of the company’s stock after selling 773 shares during the period. Pinnacle Associates Ltd.’s holdings in Coterra Energy were worth $343,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CTRA. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Coterra Energy in the first quarter valued at about $656,000. Quadrature Capital Ltd lifted its position in shares of Coterra Energy by 112.2% in the first quarter. Quadrature Capital Ltd now owns 72,395 shares of the company’s stock valued at $2,018,000 after acquiring an additional 38,278 shares in the last quarter. CreativeOne Wealth LLC lifted its position in shares of Coterra Energy by 130.3% in the first quarter. CreativeOne Wealth LLC now owns 56,860 shares of the company’s stock valued at $1,586,000 after acquiring an additional 32,173 shares in the last quarter. Raymond James & Associates lifted its position in shares of Coterra Energy by 5.0% in the second quarter. Raymond James & Associates now owns 1,187,663 shares of the company’s stock valued at $31,675,000 after acquiring an additional 56,748 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN lifted its position in shares of Coterra Energy by 1.0% in the second quarter. Disciplined Growth Investors Inc. MN now owns 5,063,920 shares of the company’s stock valued at $135,055,000 after acquiring an additional 51,249 shares in the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Trading Down 5.1 %

CTRA opened at $22.71 on Monday. The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.47 and a beta of 0.22. The stock’s 50 day moving average price is $23.79 and its 200-day moving average price is $25.68. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $28.90. 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 released its earnings results on Thursday, August 1st. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.32 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.37%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. On average, equities analysts forecast that Coterra Energy Inc. will post 1.62 EPS for the current year.

Coterra Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 14th will be issued a $0.21 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.70%. Coterra Energy’s payout ratio is 50.60%.

Analyst Ratings Changes

Several brokerages have recently commented on CTRA. UBS Group lowered their price objective on Coterra Energy from $34.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Truist Financial reduced their target price on Coterra Energy from $34.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Piper Sandler reduced their target price on Coterra Energy from $39.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Stephens lifted their target price on Coterra Energy from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Wells Fargo & Company reduced their target price on Coterra Energy from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.24.

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.