Wealth Enhancement Advisory Services LLC Takes Position in Coterra Energy Inc. (NYSE:CTRA)

Posted by Defense World Staff on Jul 10th, 2023

Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Coterra Energy Inc. (NYSE:CTRA – Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 150,985 shares of the company’s stock, valued at approximately $3,705,000.

A number of other hedge funds have also recently made changes to their positions in the company. Adirondack Trust Co. purchased a new position in Coterra Energy in the fourth quarter worth $25,000. Red Tortoise LLC purchased a new position in Coterra Energy in the fourth quarter worth $25,000. Grey Fox Wealth Advisors LLC purchased a new position in Coterra Energy in the fourth quarter worth $25,000. ICA Group Wealth Management LLC purchased a new position in Coterra Energy in the fourth quarter worth $25,000. Finally, Bogart Wealth LLC purchased a new position in Coterra Energy in the first quarter worth $26,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Price Performance

Shares of CTRA opened at $25.24 on Monday. The stock has a market cap of $19.12 billion, a PE ratio of 4.82, a price-to-earnings-growth ratio of 0.19 and a beta of 0.28. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.66. Coterra Energy Inc. has a fifty-two week low of $22.25 and a fifty-two week high of $32.47. The firm’s 50-day simple moving average is $24.65 and its two-hundred day simple moving average is $24.74.

Coterra Energy (NYSE:CTRA – Free Report) last announced its quarterly earnings data on Thursday, May 4th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Coterra Energy had a net margin of 45.19% and a return on equity of 29.48%. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Analysts anticipate that Coterra Energy Inc. will post 2.43 earnings per share for the current fiscal year.

Coterra Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Friday, May 26th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Thursday, May 25th. Coterra Energy’s payout ratio is 15.27%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CTRA. Barclays upped their target price on shares of Coterra Energy from $26.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday, March 17th. Mizuho boosted their price target on shares of Coterra Energy from $38.00 to $39.00 in a research note on Friday, May 19th. UBS Group began coverage on shares of Coterra Energy in a research note on Wednesday, April 19th. They issued a “neutral” rating and a $27.00 price target for the company. Morgan Stanley boosted their price target on shares of Coterra Energy from $26.00 to $27.00 in a research note on Monday, May 15th. Finally, Truist Financial boosted their price target on shares of Coterra Energy from $26.00 to $29.00 and gave the stock a “hold” rating in a research note on Tuesday, April 11th. Fifteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.88.

About Coterra Energy

(Free Report)

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 primarily focuses on the Marcellus Shale with approximately 183,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.