American Century Companies Inc. Grows Position in Coterra Energy Inc. (NYSE:CTRA)

Posted by Defense World Staff on Jun 9th, 2023

American Century Companies Inc. lifted its holdings in shares of Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 61.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 512,570 shares of the company’s stock after purchasing an additional 195,156 shares during the quarter. American Century Companies Inc. owned about 0.07% of Coterra Energy worth $12,594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CTRA. Vanguard Group Inc. purchased a new position in Coterra Energy during the 1st quarter valued at about $2,472,575,000. State Street Corp purchased a new position in Coterra Energy during the 1st quarter valued at about $1,493,855,000. Northern Trust Corp purchased a new position in Coterra Energy during the 1st quarter valued at about $300,998,000. Invesco Ltd. purchased a new position in Coterra Energy during the 1st quarter valued at about $169,781,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Coterra Energy in the 1st quarter valued at about $151,999,000. 94.72% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Trading Down 1.2 %

NYSE:CTRA opened at $24.55 on Friday. The firm has a market cap of $18.60 billion, a P/E ratio of 4.69, a PEG ratio of 0.17 and a beta of 0.26. 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 stock’s 50 day simple moving average is $24.95 and its 200-day simple moving average is $24.95. Coterra Energy Inc. has a 12-month low of $22.25 and a 12-month high of $35.60.

Coterra Energy (NYSE:CTRA – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Equities analysts anticipate that Coterra Energy Inc. will post 2.53 EPS for the current year.

Coterra Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.26%. Coterra Energy’s dividend payout ratio (DPR) is presently 15.27%.

Insider Activity at Coterra Energy

In related news, VP Michael D. Deshazer sold 20,824 shares of Coterra Energy stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $24.10, for a total value of $501,858.40. Following the sale, the vice president now directly owns 77,406 shares in the company, valued at $1,865,484.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CTRA. Mizuho lifted their price objective on Coterra Energy from $38.00 to $39.00 in a research note on Friday, May 19th. Roth Capital reiterated a “neutral” rating on shares of Coterra Energy in a research note on Wednesday, February 22nd. Stephens assumed coverage on Coterra Energy in a research report on Monday, April 24th. They set an “overweight” rating and a $32.00 target price on the stock. Morgan Stanley raised their target price on Coterra Energy from $26.00 to $27.00 in a research report on Monday, May 15th. Finally, Wells Fargo & Company cut their target price on Coterra Energy from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 9th. Sixteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $30.25.

About Coterra Energy

(Get Rating)

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.