Primecap Management Co. CA Sells 1,175,900 Shares of Coterra Energy Inc. (NYSE:CTRA)

Primecap Management Co. CA lowered its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 35.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,114,020 shares of the company’s stock after selling 1,175,900 shares during the period. Primecap Management Co. CA owned about 0.29% of Coterra Energy worth $53,992,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. City State Bank purchased a new stake in Coterra Energy during the 4th quarter valued at $26,000. AdvisorNet Financial Inc boosted its position in Coterra Energy by 192.2% during the 4th quarter. AdvisorNet Financial Inc now owns 1,131 shares of the company’s stock valued at $29,000 after buying an additional 744 shares during the period. MCF Advisors LLC boosted its position in Coterra Energy by 230.5% during the 4th quarter. MCF Advisors LLC now owns 1,246 shares of the company’s stock valued at $32,000 after buying an additional 869 shares during the period. R Squared Ltd purchased a new stake in Coterra Energy during the 4th quarter valued at $32,000. Finally, Plato Investment Management Ltd purchased a new stake in Coterra Energy during the 4th quarter valued at $43,000. Institutional investors own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

CTRA has been the subject of several analyst reports. UBS Group increased their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. The Goldman Sachs Group increased their price target on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler raised their target price on shares of Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. Jefferies Financial Group raised their target price on shares of Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Tuesday, February 4th. Finally, Barclays raised their target price on shares of Coterra Energy from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.14.

Coterra Energy Stock Up 2.0 %

Shares of Coterra Energy stock opened at $28.74 on Wednesday. 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 company has a 50-day moving average of $27.84 and a 200 day moving average of $25.74. The firm has a market cap of $21.96 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 0.59 and a beta of 0.26. Coterra Energy Inc. has a 1 year low of $22.30 and a 1 year high of $29.95.

Coterra Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $0.22 per share. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Thursday, March 13th. Coterra Energy’s dividend payout ratio (DPR) is currently 58.28%.

Insider Buying and Selling at Coterra Energy

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the completion of the sale, the senior vice president now directly owns 126,770 shares in the company, valued at approximately $3,374,617.40. This trade represents a 21.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is owned by company insiders.

Coterra Energy 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.