Pitcairn Co. Decreases Stake in Coterra Energy Inc. (NYSE:CTRA)

Pitcairn Co. decreased its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 22.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,409 shares of the company’s stock after selling 8,680 shares during the quarter. Pitcairn Co.’s holdings in Coterra Energy were worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in Coterra Energy by 32.6% in the 3rd quarter. Cerity Partners LLC now owns 341,634 shares of the company’s stock worth $8,182,000 after purchasing an additional 83,998 shares in the last quarter. Meridian Wealth Management LLC bought a new stake in Coterra Energy in the third quarter worth $445,000. Raymond James Trust N.A. boosted its holdings in Coterra Energy by 30.7% during the 3rd quarter. Raymond James Trust N.A. now owns 12,296 shares of the company’s stock valued at $294,000 after acquiring an additional 2,890 shares during the period. Eagle Asset Management Inc. boosted its stake in shares of Coterra Energy by 101.2% during the third quarter. Eagle Asset Management Inc. now owns 387,665 shares of the company’s stock valued at $9,529,000 after purchasing an additional 194,986 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Coterra Energy by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 22,156,361 shares of the company’s stock valued at $530,645,000 after acquiring an additional 305,626 shares during the period. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Insider Transactions at Coterra Energy

In related news, SVP Adam M. Vela sold 16,435 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total value of $439,800.60. Following the transaction, the senior vice president now owns 72,409 shares of the company’s stock, valued at $1,937,664.84. This trade represents a 18.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Piper Sandler raised their target price on shares of Coterra Energy from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Barclays boosted 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. Truist Financial upped their price objective on Coterra Energy from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Susquehanna boosted their price objective on shares of Coterra Energy from $30.00 to $33.00 and gave the company a “positive” rating in a report on Thursday, November 14th. Finally, Roth Mkm raised Coterra Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $25.00 to $29.00 in a research report on Tuesday, August 27th. Two investment 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.41.

Coterra Energy Price Performance

Shares of NYSE:CTRA opened at $27.63 on Monday. The firm has a fifty day moving average price of $24.36 and a 200 day moving average price of $25.43. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $28.90. The firm has a market cap of $20.35 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 1.78 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61.

Coterra Energy (NYSE:CTRA) last posted its earnings results on Thursday, October 31st. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the business posted $0.47 earnings per share. As a group, sell-side analysts expect that Coterra Energy Inc. will post 1.53 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The business 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 dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.84 annualized dividend and a yield of 3.04%. Coterra Energy’s payout ratio is presently 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.