Corebridge Financial Inc. Reduces Holdings in Coterra Energy Inc. (NYSE:CTRA)

Corebridge Financial Inc. reduced its position in Coterra Energy Inc. (NYSE:CTRA) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 174,371 shares of the company’s stock after selling 12,370 shares during the period. Corebridge Financial Inc.’s holdings in Coterra Energy were worth $4,453,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CTRA. Czech National Bank grew its stake in Coterra Energy by 6.1% during the 4th quarter. Czech National Bank now owns 159,713 shares of the company’s stock valued at $4,079,000 after purchasing an additional 9,115 shares in the last quarter. Bourgeon Capital Management LLC boosted its stake in shares of Coterra Energy by 107.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock valued at $6,052,000 after buying an additional 122,487 shares during the last quarter. M.E. Allison & CO. Inc. acquired a new stake in shares of Coterra Energy during the fourth quarter worth approximately $217,000. Barclays PLC increased its stake in shares of Coterra Energy by 3.1% in the third quarter. Barclays PLC now owns 2,147,263 shares of the company’s stock worth $51,425,000 after buying an additional 64,753 shares during the last quarter. Finally, Range Financial Group LLC acquired a new stake in Coterra Energy in the fourth quarter valued at $1,267,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Mizuho boosted their target price on shares of Coterra Energy from $37.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Williams Trading set a $37.00 price objective on Coterra Energy in a research note on Wednesday, March 5th. Jefferies Financial Group lifted their target price on Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Tuesday, February 4th. Raymond James lowered their target price on shares of Coterra Energy from $41.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, March 12th. Finally, UBS Group raised their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.35.

Coterra Energy Price Performance

Shares of NYSE CTRA opened at $28.65 on Monday. The stock has a market cap of $21.89 billion, a P/E ratio of 17.26, a P/E/G ratio of 0.59 and a beta of 0.26. The firm’s 50-day simple moving average is $27.91 and its 200 day simple moving average is $26.06. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $29.95. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a $0.22 dividend. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Thursday, March 13th. Coterra Energy’s dividend payout ratio is currently 58.28%.

Insider Activity

In related news, SVP Michael D. Deshazer sold 35,377 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $26.62, for a total transaction of $941,735.74. Following the completion of the transaction, the senior vice president now owns 126,770 shares of the company’s stock, valued at $3,374,617.40. This trade represents a 21.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kevin William Smith sold 25,733 shares of Coterra Energy stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total value of $748,572.97. Following the transaction, the senior vice president now directly owns 106,114 shares in the company, valued at approximately $3,086,856.26. The trade was a 19.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

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.