Earnest Partners LLC Decreases Stake in Coterra Energy Inc. $CTRA

Earnest Partners LLC reduced its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,824,830 shares of the company’s stock after selling 44,615 shares during the period. Earnest Partners LLC owned approximately 0.24% of Coterra Energy worth $43,157,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Coterra Energy by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 98,991,567 shares of the company’s stock worth $2,341,151,000 after acquiring an additional 3,781,606 shares during the last quarter. AQR Capital Management LLC increased its holdings in Coterra Energy by 287.7% in the 3rd quarter. AQR Capital Management LLC now owns 4,573,111 shares of the company’s stock worth $108,154,000 after buying an additional 3,393,697 shares during the period. HITE Hedge Asset Management LLC raised its position in Coterra Energy by 308.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,362,900 shares of the company’s stock worth $55,883,000 after buying an additional 1,784,967 shares during the last quarter. Invesco Ltd. raised its position in Coterra Energy by 17.6% during the 3rd quarter. Invesco Ltd. now owns 11,744,004 shares of the company’s stock worth $277,746,000 after buying an additional 1,758,859 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Coterra Energy by 34.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,865,527 shares of the company’s stock valued at $162,370,000 after acquiring an additional 1,741,125 shares during the period. 87.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CTRA has been the topic of several recent research reports. William Blair initiated coverage on shares of Coterra Energy in a report on Wednesday, November 26th. They issued an “outperform” rating and a $36.00 price objective on the stock. Susquehanna boosted their target price on shares of Coterra Energy from $32.00 to $34.00 and gave the company a “positive” rating in a research report on Tuesday, February 3rd. BMO Capital Markets upped their price target on shares of Coterra Energy from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Tuesday, March 3rd. Jefferies Financial Group increased their price target on Coterra Energy from $26.00 to $28.00 in a research report on Monday, March 9th. Finally, Wolfe Research boosted their price objective on Coterra Energy from $33.00 to $40.00 in a report on Tuesday, February 3rd. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Coterra Energy has an average rating of “Moderate Buy” and an average target price of $34.29.

Coterra Energy Stock Performance

CTRA opened at $32.18 on Monday. The firm has a fifty day moving average price of $29.01 and a 200 day moving average price of $26.37. Coterra Energy Inc. has a 1 year low of $22.33 and a 1 year high of $32.67. The stock has a market cap of $24.43 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.80 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.19 and a quick ratio of 1.16.

Coterra Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be given a dividend of $0.22 per share. The ex-dividend date is Wednesday, March 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. Coterra Energy’s dividend payout ratio (DPR) is 38.60%.

About Coterra Energy

Coterra Energy (NYSE: CTRA) is an independent oil and natural gas exploration and production company focused on the development, production and optimization of onshore hydrocarbon resources in the United States. The company’s operations center on the exploration, drilling, completion and production of crude oil, natural gas and natural gas liquids (NGLs), with an emphasis on maximizing operational efficiency and capital discipline across its asset base.

Its business activities include identifying and developing resource-rich acreage, operating producing wells, managing reservoir performance and marketing produced hydrocarbons to a range of midstream and energy customers.