Coterra Energy (NYSE:CTRA) Sets New 52-Week Low After Analyst Downgrade

Coterra Energy Inc. (NYSE:CTRA)’s share price reached a new 52-week low during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $34.00 to $33.00. Bank of America currently has a buy rating on the stock. Coterra Energy traded as low as $24.40 and last traded at $24.58, with a volume of 6828638 shares. The stock had previously closed at $25.51.

Other equities research analysts have also issued reports about the company. Johnson Rice raised Coterra Energy from a “hold” rating to an “accumulate” rating and boosted their target price for the stock from $34.00 to $37.00 in a research report on Wednesday, March 12th. Wells Fargo & Company boosted their price objective on Coterra Energy from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, April 21st. The Goldman Sachs Group upped their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Jefferies Financial Group lifted their target price on shares of Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Tuesday, February 4th. Finally, Barclays reduced their price target on shares of Coterra Energy from $38.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Coterra Energy currently has a consensus rating of “Moderate Buy” and an average target price of $33.95.

Insider Transactions at Coterra Energy

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CTRA. Wellington Management Group LLP grew its holdings in Coterra Energy by 1.9% during the fourth quarter. Wellington Management Group LLP now owns 72,528,767 shares of the company’s stock valued at $1,852,385,000 after purchasing an additional 1,318,754 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Coterra Energy by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,467,326 shares of the company’s stock worth $599,356,000 after buying an additional 1,310,965 shares during the period. Geode Capital Management LLC grew its stake in Coterra Energy by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 19,096,761 shares of the company’s stock valued at $486,528,000 after buying an additional 96,059 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Coterra Energy by 5.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,808,693 shares of the company’s stock worth $454,834,000 after acquiring an additional 845,609 shares during the period. Finally, Invesco Ltd. lifted its position in Coterra Energy by 9.0% during the 4th quarter. Invesco Ltd. now owns 12,232,484 shares of the company’s stock worth $312,418,000 after acquiring an additional 1,011,166 shares during the last quarter. 87.92% of the stock is owned by institutional investors.

Coterra Energy Price Performance

The company has a market capitalization of $18.78 billion, a P/E ratio of 14.81, a PEG ratio of 0.59 and a beta of 0.47. The stock’s fifty day simple moving average is $26.70 and its 200-day simple moving average is $26.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56.

Coterra Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a $0.22 dividend. The ex-dividend date was Thursday, March 13th. This represents a $0.88 dividend on an annualized basis and a yield of 3.58%. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s dividend payout ratio (DPR) is 58.28%.

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.