Wellington Management Group LLP Sells 12,453,512 Shares of Coterra Energy Inc. $CTRA

Wellington Management Group LLP lowered its stake in Coterra Energy Inc. (NYSE:CTRA) by 14.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,645,572 shares of the company’s stock after selling 12,453,512 shares during the quarter. Wellington Management Group LLP owned 9.80% of Coterra Energy worth $1,765,368,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Coterra Energy by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 98,991,567 shares of the company’s stock valued at $2,341,151,000 after buying an additional 3,781,606 shares during the period. State Street Corp grew its holdings in shares of Coterra Energy by 0.9% in the second quarter. State Street Corp now owns 45,588,319 shares of the company’s stock worth $1,157,032,000 after acquiring an additional 386,526 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Coterra Energy by 5.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 26,800,493 shares of the company’s stock worth $680,197,000 after acquiring an additional 1,495,553 shares during the period. Victory Capital Management Inc. increased its position in Coterra Energy by 2.5% during the third quarter. Victory Capital Management Inc. now owns 21,581,809 shares of the company’s stock valued at $510,410,000 after acquiring an additional 534,132 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Coterra Energy by 4.8% in the second quarter. Geode Capital Management LLC now owns 20,685,670 shares of the company’s stock valued at $522,936,000 after acquiring an additional 953,824 shares during the period. Institutional investors own 87.92% of the company’s stock.

Coterra Energy Stock Up 0.6%

Shares of CTRA stock opened at $32.18 on Friday. 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 Inc. has a one year low of $22.33 and a one year high of $32.67. The company’s fifty day moving average price is $29.01 and its 200-day moving average price is $26.34. The company has a market capitalization of $24.43 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.79 and a beta of 0.38.

Coterra Energy Dividend Announcement

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

Wall Street Analyst Weigh In

CTRA has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price target on Coterra Energy from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, January 12th. TD Cowen decreased their price target on shares of Coterra Energy from $33.00 to $32.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Raymond James Financial raised their target price on Coterra Energy from $34.00 to $41.00 in a report on Monday, March 9th. Scotiabank reiterated a “sector perform” rating and set a $31.00 target price on shares of Coterra Energy in a research report on Tuesday, February 3rd. Finally, William Blair assumed coverage on Coterra Energy in a report on Wednesday, November 26th. They set an “outperform” rating and a $36.00 price target for the company. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Coterra Energy currently has an average rating of “Moderate Buy” and a consensus target price of $34.29.

Coterra Energy Profile

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.