Cornercap Investment Counsel Inc. Sells 5,494 Shares of Coterra Energy Inc. (NYSE:CTRA)

Cornercap Investment Counsel Inc. lessened its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,786 shares of the company’s stock after selling 5,494 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Coterra Energy were worth $1,456,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp grew its stake in Coterra Energy by 0.6% in the second quarter. Fifth Third Bancorp now owns 71,138 shares of the company’s stock worth $1,897,000 after purchasing an additional 399 shares in the last quarter. TCW Group Inc. raised its holdings in shares of Coterra Energy by 4.0% in the second quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock valued at $279,000 after acquiring an additional 404 shares in the last quarter. Bruce G. Allen Investments LLC lifted its stake in Coterra Energy by 17.4% in the third quarter. Bruce G. Allen Investments LLC now owns 3,033 shares of the company’s stock worth $73,000 after acquiring an additional 450 shares during the period. Venturi Wealth Management LLC increased its position in Coterra Energy by 1.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 33,559 shares of the company’s stock valued at $804,000 after purchasing an additional 474 shares during the period. Finally, Krilogy Financial LLC boosted its position in Coterra Energy by 2.8% during the 2nd quarter. Krilogy Financial LLC now owns 18,231 shares of the company’s stock valued at $486,000 after acquiring an additional 502 shares in the last quarter. Institutional investors own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Truist Financial boosted their price target on Coterra Energy from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company cut their price objective on shares of Coterra Energy from $34.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Roth Mkm upgraded shares of Coterra Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $25.00 to $29.00 in a research note on Tuesday, August 27th. Piper Sandler raised their target price on shares of Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Scotiabank decreased their price objective on Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.00.

Coterra Energy Price Performance

Shares of CTRA opened at $25.44 on Friday. The company has a market capitalization of $18.74 billion, a P/E ratio of 15.32, a P/E/G ratio of 1.67 and a beta of 0.22. The business’s 50-day moving average is $23.86 and its two-hundred day moving average is $25.50. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $28.90.

Coterra Energy (NYSE:CTRA) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The company’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. Research analysts predict that Coterra Energy Inc. will post 1.53 earnings per share for the current year.

Coterra Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, November 14th. Coterra Energy’s payout ratio is currently 50.60%.

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.