Concord Asset Management LLC VA Acquires Shares of 24,376 Coterra Energy Inc. $CTRA

Concord Asset Management LLC VA acquired a new stake in Coterra Energy Inc. (NYSE:CTRA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 24,376 shares of the company’s stock, valued at approximately $619,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CTRA. Wellington Management Group LLP raised its position in Coterra Energy by 15.3% during the first quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company’s stock worth $2,416,939,000 after acquiring an additional 11,102,350 shares during the period. Vanguard Group Inc. increased its stake in shares of Coterra Energy by 4.3% during the first quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company’s stock worth $2,668,559,000 after purchasing an additional 3,818,700 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Coterra Energy by 5,145.4% during the first quarter. Pacer Advisors Inc. now owns 3,100,064 shares of the company’s stock worth $89,592,000 after purchasing an additional 3,040,963 shares in the last quarter. Truist Financial Corp boosted its holdings in Coterra Energy by 165.3% in the 2nd quarter. Truist Financial Corp now owns 4,213,315 shares of the company’s stock worth $106,934,000 after buying an additional 2,625,126 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Coterra Energy in the 1st quarter worth about $64,173,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CTRA shares. Weiss Ratings restated a “hold (c)” rating on shares of Coterra Energy in a research report on Wednesday, October 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $31.00 price target on shares of Coterra Energy in a report on Tuesday, July 1st. Mizuho dropped their target price on Coterra Energy from $36.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Piper Sandler boosted their price target on shares of Coterra Energy from $37.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price target on shares of Coterra Energy from $32.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 14th. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $33.06.

Coterra Energy Stock Up 1.9%

NYSE:CTRA opened at $23.18 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.13 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $17.69 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 0.32 and a beta of 0.29. Coterra Energy Inc. has a 52 week low of $22.46 and a 52 week high of $29.95. The stock’s fifty day moving average is $23.89 and its two-hundred day moving average is $24.71.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. Coterra Energy’s quarterly revenue was up 54.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 EPS. Research analysts anticipate that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.8%. Coterra Energy’s dividend payout ratio is 42.11%.

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.