Cibc World Markets Corp Trims Stake in Coterra Energy Inc. (NYSE:CTRA)

Posted by Defense World Staff on Sep 3rd, 2023

Cibc World Markets Corp cut its stake in shares of Coterra Energy Inc. (NYSE:CTRA – Free Report) by 57.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,872 shares of the company’s stock after selling 52,824 shares during the period. Cibc World Markets Corp’s holdings in Coterra Energy were worth $978,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Grey Fox Wealth Advisors LLC purchased a new stake in Coterra Energy during the 4th quarter valued at approximately $25,000. ICA Group Wealth Management LLC purchased a new stake in Coterra Energy during the 4th quarter valued at approximately $25,000. Bogart Wealth LLC purchased a new position in shares of Coterra Energy during the 1st quarter worth approximately $26,000. Stone House Investment Management LLC purchased a new position in shares of Coterra Energy during the 1st quarter worth approximately $27,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Coterra Energy during the 1st quarter worth approximately $30,000. 90.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CTRA shares. Mizuho increased their target price on Coterra Energy from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 16th. UBS Group increased their target price on Coterra Energy from $25.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. JPMorgan Chase & Co. raised Coterra Energy from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $33.00 to $31.00 in a research note on Tuesday, June 27th. Truist Financial cut their target price on Coterra Energy from $29.00 to $26.00 and set a “hold” rating for the company in a research note on Monday, July 24th. Finally, Stephens reissued an “overweight” rating and set a $32.00 target price on shares of Coterra Energy in a research note on Tuesday, August 8th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $31.00.

View Our Latest Research Report on Coterra Energy

Coterra Energy Price Performance

Shares of NYSE:CTRA opened at $28.46 on Friday. The stock has a market cap of $21.49 billion, a price-to-earnings ratio of 7.13, a PEG ratio of 0.22 and a beta of 0.29. Coterra Energy Inc. has a 12 month low of $22.25 and a 12 month high of $32.47. The stock’s 50 day moving average price is $26.85 and its 200 day moving average price is $25.45. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.74 and a quick ratio of 1.67.

Coterra Energy (NYSE:CTRA – Get Free Report) last posted its quarterly earnings data on Monday, August 7th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Coterra Energy had a net margin of 40.12% and a return on equity of 23.06%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Equities research analysts anticipate that Coterra Energy Inc. will post 2.29 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Wednesday, August 16th. Coterra Energy’s payout ratio is presently 20.05%.

Coterra Energy Profile

(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.