Scotiabank Weighs in on Coterra Energy FY2024 Earnings

Coterra Energy Inc. (NYSE:CTRA) – Investment analysts at Scotiabank issued their FY2024 earnings estimates for shares of Coterra Energy in a research note issued on Wednesday, January 8th. Scotiabank analyst P. Cheng forecasts that the company will earn $1.48 per share for the year. Scotiabank currently has a “Sector Outperform” rating and a $32.00 target price on the stock. The consensus estimate for Coterra Energy’s current full-year earnings is $1.53 per share.

Several other analysts have also commented on CTRA. Mizuho increased their price target on shares of Coterra Energy from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Piper Sandler decreased their target price on shares of Coterra Energy from $35.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Citigroup lifted their price target on shares of Coterra Energy from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Morgan Stanley upped their price target on Coterra Energy from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Finally, Barclays raised their price objective on Coterra Energy from $31.00 to $33.00 and gave the stock an “overweight” rating in a research 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Coterra Energy has an average rating of “Moderate Buy” and an average price target of $32.76.

Coterra Energy Trading Up 3.0 %

Shares of NYSE CTRA opened at $28.61 on Monday. The business has a fifty day moving average price of $25.64 and a 200 day moving average price of $24.93. Coterra Energy has a 1-year low of $22.30 and a 1-year high of $28.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. The stock has a market capitalization of $21.07 billion, a P/E ratio of 17.23, a price-to-earnings-growth ratio of 1.64 and a beta of 0.27.

Coterra Energy (NYSE:CTRA) last announced its 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). Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $0.47 EPS. The firm’s revenue was up .2% compared to the same quarter last year.

Institutional Investors Weigh In On Coterra Energy

Institutional investors have recently modified their holdings of the business. City State Bank purchased a new position in Coterra Energy during the fourth quarter valued at $26,000. AdvisorNet Financial Inc raised its position in shares of Coterra Energy by 192.2% during the 4th quarter. AdvisorNet Financial Inc now owns 1,131 shares of the company’s stock worth $29,000 after purchasing an additional 744 shares during the last quarter. Values First Advisors Inc. purchased a new position in Coterra Energy in the 3rd quarter valued at about $57,000. Tobam acquired a new stake in Coterra Energy in the 3rd quarter worth about $63,000. Finally, Capital Performance Advisors LLP purchased a new stake in Coterra Energy during the 3rd quarter worth approximately $67,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Adam M. Vela sold 16,435 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total transaction of $439,800.60. Following the sale, the senior vice president now directly owns 72,409 shares of the company’s stock, valued at approximately $1,937,664.84. This represents a 18.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kevin William Smith sold 29,643 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $26.16, for a total transaction of $775,460.88. Following the sale, the senior vice president now owns 77,075 shares in the company, valued at approximately $2,016,282. This represents a 27.78 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Coterra Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.21 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.94%. Coterra Energy’s payout ratio is currently 50.60%.

About Coterra Energy

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.