Pinnacle Associates Ltd. lifted its holdings in Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 12.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,225 shares of the company’s stock after purchasing an additional 1,777 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Coterra Energy were worth $448,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in CTRA. Adirondack Trust Co. acquired a new stake in shares of Coterra Energy in the 4th quarter worth $25,000. Accurate Wealth Management LLC acquired a new stake in Coterra Energy during the 4th quarter worth about $28,000. Guardian Wealth Advisors LLC acquired a new stake in Coterra Energy during the 3rd quarter worth about $30,000. Achmea Investment Management B.V. acquired a new stake in Coterra Energy during the 1st quarter worth about $41,000. Finally, McIlrath & Eck LLC lifted its position in Coterra Energy by 703.5% during the 3rd quarter. McIlrath & Eck LLC now owns 1,599 shares of the company’s stock worth $42,000 after acquiring an additional 1,400 shares during the period. Institutional investors and hedge funds own 94.72% of the company’s stock.
Insider Activity at Coterra Energy
In related news, VP Michael D. Deshazer sold 20,824 shares of Coterra Energy stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $24.10, for a total value of $501,858.40. Following the completion of the transaction, the vice president now owns 77,406 shares in the company, valued at approximately $1,865,484.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by company insiders.
Coterra Energy Price Performance
Coterra Energy (NYSE:CTRA – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.04. Coterra Energy had a return on equity of 31.29% and a net margin of 44.91%. The firm had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.15 billion. Sell-side analysts predict that Coterra Energy Inc. will post 2.61 earnings per share for the current fiscal year.
Coterra Energy Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 30th. Investors of record on Thursday, March 16th were paid a $0.57 dividend. The ex-dividend date of this dividend was Wednesday, March 15th. This represents a $2.28 annualized dividend and a dividend yield of 9.14%. Coterra Energy’s dividend payout ratio is presently 15.66%.
Wall Street Analyst Weigh In
A number of analysts have commented on CTRA shares. Piper Sandler lowered their price target on Coterra Energy from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, March 7th. Barclays lifted their price target on Coterra Energy from $26.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, March 17th. Citigroup lowered their price target on Coterra Energy from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, March 23rd. Wells Fargo & Company lowered their price target on Coterra Energy from $28.00 to $27.00 and set an “equal weight” rating for the company in a research report on Thursday, March 9th. Finally, Raymond James cut Coterra Energy from an “outperform” rating to a “market perform” rating in a research report on Monday, February 6th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $30.25.
Coterra Energy Company Profile
Coterra Energy Inc is a diversified energy company, which engages in the exploration, development, and production of oil and natural gas properties. Its portfolio includes projects in the Permian Basin, the Marcellus Shale, and the Anadarko Basin. The company was renamed to Coterra Energy Inc on October 1, 2021 in connection with the merger involving Cabot Oil & Gas Corp.
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