9,338,141 Shares in Coterra Energy Inc. $CTRA Purchased by Davis Selected Advisers

Davis Selected Advisers acquired a new stake in Coterra Energy Inc. (NYSE:CTRA) during the second quarter, Holdings Channel reports. The firm acquired 9,338,141 shares of the company’s stock, valued at approximately $237,002,000. Coterra Energy comprises 1.3% of Davis Selected Advisers’ holdings, making the stock its 23rd biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. 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 period. State of Michigan Retirement System lifted its position in shares of Coterra Energy by 5.8% during the second quarter. State of Michigan Retirement System now owns 244,459 shares of the company’s stock worth $6,204,000 after acquiring an additional 13,500 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Coterra Energy by 43.2% during the second quarter. Nordea Investment Management AB now owns 57,542 shares of the company’s stock worth $1,468,000 after acquiring an additional 17,373 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Coterra Energy by 15.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 785,835 shares of the company’s stock worth $19,944,000 after acquiring an additional 104,999 shares during the period. Finally, Strs Ohio grew its position in shares of Coterra Energy by 58.5% in the second quarter. Strs Ohio now owns 87,745 shares of the company’s stock valued at $2,227,000 after purchasing an additional 32,376 shares in the last quarter. Institutional investors own 87.92% of the company’s stock.

Coterra Energy Trading Down 1.1%

Shares of Coterra Energy stock opened at $25.84 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08. Coterra Energy Inc. has a 1 year low of $22.33 and a 1 year high of $29.95. The firm has a market cap of $19.67 billion, a PE ratio of 12.36, a PEG ratio of 0.36 and a beta of 0.30. The company has a 50 day simple moving average of $24.07 and a two-hundred day simple moving average of $24.48.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%.The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the company earned $0.32 EPS. Coterra Energy’s quarterly revenue was up 33.7% on a year-over-year basis. Analysts expect that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, November 13th. This represents a $0.88 dividend on an annualized basis and a yield of 3.4%. Coterra Energy’s dividend payout ratio (DPR) is presently 40.55%.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays cut their target price on Coterra Energy from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Raymond James Financial cut their price objective on shares of Coterra Energy from $34.00 to $28.00 in a research report on Tuesday, October 28th. Siebert Williams Shank decreased their target price on shares of Coterra Energy from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Morgan Stanley cut their price target on shares of Coterra Energy from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Finally, The Goldman Sachs Group reduced their price target on shares of Coterra Energy from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, October 15th. Seventeen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.43.

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.