Creative Planning Raises Stake in Coterra Energy Inc. (NYSE:CTRA)

Posted by Defense World Staff on Jun 6th, 2023

Creative Planning lifted its position in shares of Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 100.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 42,779 shares of the company’s stock after purchasing an additional 21,411 shares during the quarter. Creative Planning’s holdings in Coterra Energy were worth $1,051,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. HBK Sorce Advisory LLC purchased a new stake in shares of Coterra Energy during the 3rd quarter worth about $57,000. Pinnacle Associates Ltd. grew its holdings in shares of Coterra Energy by 12.3% during the 4th quarter. Pinnacle Associates Ltd. now owns 16,225 shares of the company’s stock worth $448,000 after purchasing an additional 1,777 shares during the period. Copeland Capital Management LLC grew its holdings in shares of Coterra Energy by 29.9% during the 4th quarter. Copeland Capital Management LLC now owns 763,106 shares of the company’s stock worth $18,750,000 after purchasing an additional 175,770 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Coterra Energy by 12.8% during the 4th quarter. Treasurer of the State of North Carolina now owns 385,155 shares of the company’s stock worth $9,463,000 after purchasing an additional 43,672 shares during the period. Finally, Pinebridge Investments L.P. acquired a new position in Coterra Energy during the 4th quarter worth approximately $2,114,000. Hedge funds and other institutional investors own 94.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CTRA shares. Citigroup raised Coterra Energy from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $22.00 to $25.00 in a research report on Wednesday, April 19th. Barclays boosted 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. Raymond James lowered Coterra Energy from an “outperform” rating to a “market perform” rating in a research report on Monday, February 6th. The Goldman Sachs Group boosted their price target on Coterra Energy from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, March 10th. Finally, Roth Capital reissued a “neutral” rating on shares of Coterra Energy in a research report on Wednesday, February 22nd. Sixteen research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.25.

Coterra Energy Stock Performance

CTRA stock opened at $23.73 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The firm has a market cap of $17.97 billion, a P/E ratio of 4.53, a P/E/G ratio of 0.17 and a beta of 0.26. Coterra Energy Inc. has a 12-month low of $22.25 and a 12-month high of $36.55. The stock’s 50 day simple moving average is $24.92 and its 200 day simple moving average is $24.98.

Coterra Energy (NYSE:CTRA – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.62 billion. Coterra Energy had a return on equity of 29.48% and a net margin of 45.19%. As a group, equities research analysts predict that Coterra Energy Inc. will post 2.53 EPS for the current year.

Coterra Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $0.80 dividend on an annualized basis and a yield of 3.37%. Coterra Energy’s payout ratio is currently 15.27%.

Insider Buying and Selling

In related news, VP Michael D. Deshazer sold 20,824 shares of the company’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $24.10, for a total transaction of $501,858.40. Following the completion of the transaction, the vice president now directly 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 this link. 1.70% of the stock is owned by company insiders.

About Coterra Energy

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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.