Resona Asset Management Co. Ltd. Buys Shares of 214,611 Coterra Energy Inc. (NYSE:CTRA)

Resona Asset Management Co. Ltd. purchased a new position in shares of Coterra Energy Inc. (NYSE:CTRA) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 214,611 shares of the company’s stock, valued at approximately $5,454,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CTRA. FMR LLC grew its position in Coterra Energy by 11.7% during the 3rd quarter. FMR LLC now owns 911,700 shares of the company’s stock worth $21,835,000 after purchasing an additional 95,539 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Coterra Energy during the third quarter worth $635,000. National Bank of Canada FI increased its position in shares of Coterra Energy by 315.7% in the 3rd quarter. National Bank of Canada FI now owns 854,377 shares of the company’s stock valued at $20,462,000 after acquiring an additional 648,856 shares during the period. Orion Portfolio Solutions LLC raised its stake in Coterra Energy by 34.0% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 89,431 shares of the company’s stock worth $2,142,000 after acquiring an additional 22,716 shares during the last quarter. Finally, MML Investors Services LLC lifted its position in Coterra Energy by 4.4% during the 3rd quarter. MML Investors Services LLC now owns 106,012 shares of the company’s stock worth $2,539,000 after acquiring an additional 4,428 shares during the period. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Insider Buying and Selling at Coterra Energy

In related news, SVP Kevin William Smith sold 25,733 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the sale, the senior vice president now owns 106,114 shares of the company’s stock, valued at approximately $3,086,856.26. This represents a 19.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael D. Deshazer sold 35,377 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $26.62, for a total transaction of $941,735.74. Following the completion of the transaction, the senior vice president now directly owns 126,770 shares in the company, valued at $3,374,617.40. This trade represents a 21.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTRA. Barclays increased their price objective on Coterra Energy from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Tuesday, March 18th. Piper Sandler increased their price target on shares of Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. The Goldman Sachs Group lifted their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Williams Trading set a $37.00 price objective on shares of Coterra Energy in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Coterra Energy from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.15.

Coterra Energy Stock Down 1.7 %

Shares of NYSE CTRA opened at $24.62 on Wednesday. The firm has a market cap of $18.82 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 0.59 and a beta of 0.47. The company’s 50-day simple moving average is $27.59 and its 200-day simple moving average is $26.24. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95.

Coterra Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were 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 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Thursday, March 13th. Coterra Energy’s payout ratio is 58.28%.

Coterra Energy Company 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.