Coterra Energy (NYSE:CTRA) Price Target Raised to $35.00

Coterra Energy (NYSE:CTRA) had its price objective hoisted by Wells Fargo & Company from $32.00 to $35.00 in a research note released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also recently issued reports on CTRA. Wolfe Research assumed coverage on Coterra Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $35.00 target price on the stock. Roth Capital upgraded Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Piper Sandler raised their target price on Coterra Energy from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. reduced their target price on Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Barclays raised their target price on Coterra Energy from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Coterra Energy has an average rating of “Moderate Buy” and a consensus price target of $32.41.

Coterra Energy Price Performance

Coterra Energy stock opened at $26.12 on Friday. The business’s 50-day simple moving average is $23.95 and its 200 day simple moving average is $25.45. The stock has a market cap of $19.24 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 1.67 and a beta of 0.22. Coterra Energy has a 12-month low of $22.30 and a 12-month high of $28.90. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.03). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. Coterra Energy’s revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 EPS. As a group, research analysts anticipate that Coterra Energy will post 1.53 earnings per share for the current year.

Coterra Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 14th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Thursday, November 14th. Coterra Energy’s dividend payout ratio is presently 50.60%.

Institutional Investors Weigh In On Coterra Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of CTRA. Wellington Management Group LLP raised its position in Coterra Energy by 28.4% in the 3rd quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock valued at $1,705,480,000 after buying an additional 15,736,247 shares during the last quarter. Holocene Advisors LP grew its stake in Coterra Energy by 187.2% in the third quarter. Holocene Advisors LP now owns 4,533,269 shares of the company’s stock valued at $108,572,000 after purchasing an additional 2,954,675 shares in the last quarter. Bank of Montreal Can grew its stake in Coterra Energy by 160.1% in the second quarter. Bank of Montreal Can now owns 2,898,876 shares of the company’s stock valued at $80,154,000 after purchasing an additional 1,784,192 shares in the last quarter. Weiss Asset Management LP bought a new position in Coterra Energy in the third quarter valued at approximately $28,380,000. Finally, Marshall Wace LLP grew its stake in Coterra Energy by 5,325.5% in the second quarter. Marshall Wace LLP now owns 1,148,569 shares of the company’s stock valued at $30,632,000 after purchasing an additional 1,127,399 shares in the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

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.