Coterra Energy (NYSE:CTRA) Price Target Cut to $31.00 by Analysts at Piper Sandler

Coterra Energy (NYSE:CTRA) had its price objective lowered by Piper Sandler from $39.00 to $31.00 in a report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets raised Coterra Energy to a hold rating in a report on Wednesday, July 3rd. Wolfe Research initiated coverage on Coterra Energy in a report on Thursday, July 18th. They issued an outperform rating and a $35.00 price target on the stock. Bank of America reissued a buy rating and set a $34.00 price objective on shares of Coterra Energy in a report on Friday, June 14th. Truist Financial reduced their target price on shares of Coterra Energy from $35.00 to $34.00 and set a buy rating on the stock in a research note on Monday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Coterra Energy from $26.00 to $29.00 and gave the stock an equal weight rating in a research note on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $33.56.

Coterra Energy Price Performance

Coterra Energy stock traded down $0.14 on Thursday, reaching $24.05. The company’s stock had a trading volume of 1,707,491 shares, compared to its average volume of 6,420,776. The business’s fifty day moving average price is $26.19 and its 200 day moving average price is $26.65. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.49. The company has a market cap of $17.90 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.49 and a beta of 0.24. Coterra Energy has a twelve month low of $23.18 and a twelve month high of $29.89.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.02). Coterra Energy had a return on equity of 10.49% and a net margin of 23.18%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the company earned $0.38 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. Equities analysts expect that Coterra Energy will post 2.02 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th will be given a $0.21 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.49%. Coterra Energy’s payout ratio is presently 48.55%.

Hedge Funds Weigh In On Coterra Energy

Several hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Coterra Energy in the fourth quarter valued at $1,396,000. Cerity Partners LLC lifted its position in Coterra Energy by 74.2% in the 4th quarter. Cerity Partners LLC now owns 55,004 shares of the company’s stock valued at $1,403,000 after acquiring an additional 23,420 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in Coterra Energy during the 4th quarter valued at about $33,000. Louisiana State Employees Retirement System bought a new stake in Coterra Energy during the 4th quarter worth approximately $1,161,000. Finally, Strs Ohio raised its stake in shares of Coterra Energy by 53.1% in the fourth quarter. Strs Ohio now owns 60,622 shares of the company’s stock worth $1,547,000 after purchasing an additional 21,016 shares during the last quarter. 87.92% of the stock is owned by institutional investors.

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.