Equity Investment Corp Raises Stock Position in Coterra Energy Inc. (NYSE:CTRA)

Equity Investment Corp boosted its stake in Coterra Energy Inc. (NYSE:CTRA) by 10.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,738,423 shares of the company’s stock after purchasing an additional 344,625 shares during the quarter. Coterra Energy comprises approximately 2.2% of Equity Investment Corp’s holdings, making the stock its 24th largest holding. Equity Investment Corp’s holdings in Coterra Energy were worth $95,479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of CTRA. Carlson Capital L.P. bought a new stake in Coterra Energy during the fourth quarter worth approximately $432,000. Checchi Capital Advisers LLC increased its stake in Coterra Energy by 7.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 11,311 shares of the company’s stock worth $289,000 after buying an additional 824 shares during the period. National Pension Service raised its stake in shares of Coterra Energy by 0.5% during the fourth quarter. National Pension Service now owns 1,342,737 shares of the company’s stock valued at $34,294,000 after acquiring an additional 6,857 shares in the last quarter. Argonautica Private Wealth Management Inc. increased its holdings in Coterra Energy by 5.7% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 11,805 shares of the company’s stock worth $302,000 after purchasing an additional 632 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in Coterra Energy by 20.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 441,863 shares of the company’s stock valued at $11,285,000 after purchasing an additional 76,509 shares in the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Coterra Energy Stock Performance

Shares of Coterra Energy stock opened at $26.87 on Thursday. 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 Inc. has a 52 week low of $22.30 and a 52 week high of $29.95. The firm has a market capitalization of $19.79 billion, a P/E ratio of 16.18, a PEG ratio of 0.59 and a beta of 0.26. The company has a 50 day moving average price of $27.29 and a 200 day moving average price of $25.45.

Coterra Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.28%. This is an increase from Coterra Energy’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, March 13th. Coterra Energy’s dividend payout ratio is presently 50.60%.

Analyst Ratings Changes

A number of research firms have recently issued reports on CTRA. Barclays increased their price target on Coterra Energy from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler increased their target price on shares of Coterra Energy from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Morgan Stanley boosted their price target on shares of Coterra Energy from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. The Goldman Sachs Group increased their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, UBS Group lifted their price objective on shares of Coterra Energy from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Coterra Energy presently has an average rating of “Moderate Buy” and a consensus price target of $33.47.

Insider Transactions at Coterra Energy

In other news, SVP Kevin William Smith sold 29,643 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $26.16, for a total value of $775,460.88. Following the sale, the senior vice president now owns 77,075 shares in the company, valued at $2,016,282. This represents a 27.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.70% of the company’s stock.

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.