Coterra Energy Inc. (NYSE:CTRA) Stock Position Trimmed by Hourglass Capital LLC

Hourglass Capital LLC lowered its holdings in Coterra Energy Inc. (NYSE:CTRA) by 45.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,350 shares of the company’s stock after selling 21,000 shares during the period. Hourglass Capital LLC’s holdings in Coterra Energy were worth $733,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CTRA. Dark Forest Capital Management LP acquired a new stake in shares of Coterra Energy in the fourth quarter worth $942,000. State of Tennessee Department of Treasury grew its holdings in Coterra Energy by 7.1% during the 4th quarter. State of Tennessee Department of Treasury now owns 472,799 shares of the company’s stock worth $12,075,000 after acquiring an additional 31,425 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Coterra Energy during the 4th quarter worth about $641,000. Intech Investment Management LLC lifted its position in Coterra Energy by 56.7% during the 4th quarter. Intech Investment Management LLC now owns 67,858 shares of the company’s stock valued at $1,733,000 after purchasing an additional 24,560 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Coterra Energy by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company’s stock valued at $3,577,000 after purchasing an additional 8,726 shares during the period. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on CTRA shares. UBS Group dropped their target price on shares of Coterra Energy from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Barclays raised their target price on shares of Coterra Energy from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday. Scotiabank decreased their target price on shares of Coterra Energy from $38.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. cut their price target on Coterra Energy from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Susquehanna dropped their target price on Coterra Energy from $34.00 to $32.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.10.

Coterra Energy Stock Performance

NYSE:CTRA opened at $24.83 on Tuesday. The stock has a market capitalization of $18.95 billion, a P/E ratio of 14.44, a P/E/G ratio of 0.34 and a beta of 0.35. The stock has a 50-day moving average price of $25.18 and a 200 day moving average price of $26.45. The company has a current ratio of 0.90, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.09. The firm had revenue of $924.00 million during the quarter, compared to analyst estimates of $1.92 billion. Coterra Energy had a return on equity of 10.61% and a net margin of 21.67%. Coterra Energy’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same period last year, the company earned $0.51 EPS. Equities research analysts forecast that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.88 annualized dividend and a yield of 3.54%. Coterra Energy’s payout ratio is presently 51.16%.

Coterra Energy Company Profile

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’s properties include the Marcellus Shale with approximately 186,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania; Permian Basin properties with approximately 296,000 net acres located in west Texas and southeast New Mexico; and Anadarko Basin properties with approximately 182,000 net acres located in Oklahoma.