Coterra Energy Inc. $CTRA Shares Sold by Westpac Banking Corp

Westpac Banking Corp trimmed its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 48.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,788 shares of the company’s stock after selling 2,595 shares during the quarter. Westpac Banking Corp’s holdings in Coterra Energy were worth $71,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Truist Financial Corp lifted its holdings in Coterra Energy by 165.3% during 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. State of Michigan Retirement System boosted its holdings in Coterra Energy by 5.8% in the second quarter. State of Michigan Retirement System now owns 244,459 shares of the company’s stock valued at $6,204,000 after purchasing an additional 13,500 shares in the last quarter. Nordea Investment Management AB increased its stake in Coterra Energy by 43.2% in the second quarter. Nordea Investment Management AB now owns 57,542 shares of the company’s stock valued at $1,468,000 after purchasing an additional 17,373 shares during the last quarter. Resona Asset Management Co. Ltd. raised its holdings in Coterra Energy by 30.1% during the second quarter. Resona Asset Management Co. Ltd. now owns 294,598 shares of the company’s stock worth $7,486,000 after purchasing an additional 68,100 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Coterra Energy by 15.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 785,835 shares of the company’s stock worth $19,944,000 after buying an additional 104,999 shares during the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Stock Performance

Shares of CTRA opened at $26.00 on Tuesday. The stock has a market capitalization of $19.79 billion, a P/E ratio of 12.44, a P/E/G ratio of 0.36 and a beta of 0.30. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13. Coterra Energy Inc. has a 1 year low of $22.33 and a 1 year high of $29.95. The company’s fifty day moving average is $24.17 and its two-hundred day moving average is $24.49.

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

Coterra Energy Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 3.4%. Coterra Energy’s payout ratio is presently 40.55%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CTRA. Susquehanna dropped their target price on shares of Coterra Energy from $32.00 to $31.00 and set a “positive” rating on the stock in a research report on Monday, October 20th. Wells Fargo & Company raised their price objective on Coterra Energy from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Morgan Stanley cut their target price on Coterra Energy from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. Mizuho decreased their target price on Coterra Energy from $36.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Roth Capital restated a “buy” rating and set a $27.00 price target on shares of Coterra Energy in a research note on Tuesday, November 4th. Seventeen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.43.

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.