Envestnet Asset Management Inc. Acquires 827,444 Shares of Coterra Energy Inc. $CTRA

Envestnet Asset Management Inc. raised its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 17.5% during the second quarter, Holdings Channel.com reports. The fund owned 5,559,350 shares of the company’s stock after buying an additional 827,444 shares during the period. Envestnet Asset Management Inc.’s holdings in Coterra Energy were worth $141,096,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC raised its holdings in Coterra Energy by 175.6% during the first quarter. Cornerstone Planning Group LLC now owns 871 shares of the company’s stock valued at $25,000 after acquiring an additional 555 shares during the period. Raleigh Capital Management Inc. raised its holdings in Coterra Energy by 463.5% during the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company’s stock valued at $26,000 after acquiring an additional 737 shares during the period. Banque Cantonale Vaudoise bought a new stake in Coterra Energy during the first quarter valued at about $29,000. Bogart Wealth LLC bought a new stake in Coterra Energy during the second quarter valued at about $26,000. Finally, REAP Financial Group LLC increased its holdings in shares of Coterra Energy by 190.1% in the second quarter. REAP Financial Group LLC now owns 1,108 shares of the company’s stock worth $28,000 after purchasing an additional 726 shares during the last quarter. 87.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Stephens reduced their target price on Coterra Energy from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, October 21st. Raymond James Financial reaffirmed an “outperform” rating and issued a $34.00 target price (down from $38.00) on shares of Coterra Energy in a report on Thursday, September 11th. Susquehanna reduced their target price on Coterra Energy from $32.00 to $31.00 and set a “positive” rating on the stock in a report on Monday, October 20th. Siebert Williams Shank reduced their target price on Coterra Energy from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Finally, The Goldman Sachs Group dropped their price target on Coterra Energy from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, October 15th. Sixteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Coterra Energy Stock Down 1.1%

Shares of NYSE:CTRA opened at $23.40 on Wednesday. Coterra Energy Inc. has a 1 year low of $22.33 and a 1 year high of $29.95. The business has a 50 day simple moving average of $23.76 and a two-hundred day simple moving average of $24.48. The firm has a market capitalization of $17.86 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 0.36 and a beta of 0.29. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08.

Coterra Energy (NYSE:CTRA) last announced its earnings results on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the firm earned $0.37 EPS. The firm’s quarterly revenue was up 54.6% on a year-over-year basis. On average, equities analysts predict that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Thursday, August 14th. Coterra Energy’s payout ratio is 42.11%.

About Coterra Energy

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.