MAI Capital Management Acquires 6,539 Shares of Coterra Energy Inc. $CTRA

MAI Capital Management increased its stake in Coterra Energy Inc. (NYSE:CTRA) by 212.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,623 shares of the company’s stock after purchasing an additional 6,539 shares during the quarter. MAI Capital Management’s holdings in Coterra Energy were worth $244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Coterra Energy by 3.1% during the second quarter. Vanguard Group Inc. now owns 95,209,961 shares of the company’s stock valued at $2,416,429,000 after acquiring an additional 2,872,288 shares during the period. Wellington Management Group LLP lifted its stake in shares of Coterra Energy by 15.3% in the 1st quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company’s stock valued at $2,416,939,000 after purchasing an additional 11,102,350 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Coterra Energy by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 25,304,940 shares of the company’s stock worth $731,313,000 after buying an additional 1,837,614 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Coterra Energy by 4.8% during the 2nd quarter. Geode Capital Management LLC now owns 20,685,670 shares of the company’s stock worth $522,936,000 after purchasing an additional 953,824 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Coterra Energy by 1.2% during the first quarter. Invesco Ltd. now owns 12,384,728 shares of the company’s stock valued at $357,919,000 after buying an additional 152,244 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have 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 note on Monday, October 20th. JPMorgan Chase & Co. dropped their target price on Coterra Energy from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Raymond James Financial boosted their price target on Coterra Energy from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Coterra Energy from $32.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Finally, Piper Sandler reduced their target price on Coterra Energy from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Seventeen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.86.

Coterra Energy Price Performance

Shares of NYSE:CTRA opened at $26.42 on Thursday. Coterra Energy Inc. has a twelve month low of $22.33 and a twelve month high of $29.95. The company’s 50 day moving average is $24.40 and its 200 day moving average is $24.59. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. The company has a market cap of $20.11 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.36 and a beta of 0.30.

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

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Thursday, November 13th. Coterra Energy’s dividend payout ratio is presently 40.55%.

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.