Bessemer Group Inc. Reduces Stake in Coterra Energy Inc. (NYSE:CTRA)

Posted by Defense World Staff on Jun 10th, 2023

Bessemer Group Inc. reduced its position in Coterra Energy Inc. (NYSE:CTRA – Get Rating) by 4.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,293 shares of the company’s stock after selling 3,628 shares during the period. Bessemer Group Inc.’s holdings in Coterra Energy were worth $1,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CTRA. Adirondack Trust Co. bought a new position in Coterra Energy in the 4th quarter worth $25,000. Red Tortoise LLC bought a new position in Coterra Energy in the 4th quarter worth $25,000. Accurate Wealth Management LLC bought a new position in Coterra Energy in the 4th quarter worth $28,000. Guardian Wealth Advisors LLC bought a new position in Coterra Energy in the 3rd quarter worth $30,000. Finally, Accel Wealth Management bought a new stake in Coterra Energy during the fourth quarter valued at about $30,000. 94.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Michael D. Deshazer sold 20,824 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 77,406 shares of the company’s stock, valued at $1,865,484.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

CTRA has been the topic of a number of recent analyst reports. Stifel Nicolaus decreased their price target on Coterra Energy from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, April 12th. Stephens initiated coverage on Coterra Energy in a report on Monday, April 24th. They set an “overweight” rating and a $32.00 price target on the stock. Piper Sandler raised their price target on Coterra Energy from $30.00 to $31.00 in a report on Thursday, May 18th. UBS Group initiated coverage on Coterra Energy in a report on Wednesday, April 19th. They set a “neutral” rating and a $27.00 price target on the stock. Finally, The Goldman Sachs Group raised their price target on Coterra Energy from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, March 10th. Sixteen analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.25.

Coterra Energy Stock Up 0.1 %

Shares of NYSE:CTRA opened at $24.58 on Friday. The firm has a market capitalization of $18.62 billion, a PE ratio of 4.69, a price-to-earnings-growth ratio of 0.18 and a beta of 0.26. The business has a 50 day simple moving average of $24.95 and a two-hundred day simple moving average of $24.94. Coterra Energy Inc. has a 1 year low of $22.25 and a 1 year high of $35.13. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.66 and a quick ratio of 1.61.

Coterra Energy (NYSE:CTRA – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Coterra Energy had a return on equity of 29.48% and a net margin of 45.19%. On average, equities analysts predict that Coterra Energy Inc. will post 2.53 EPS for the current year.

Coterra Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Friday, May 26th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.25%. Coterra Energy’s dividend payout ratio is 15.27%.

Coterra Energy Profile

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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.