Coterra Energy (NYSE:CTRA) Price Target Raised to $37.00

Coterra Energy (NYSE:CTRA) had its price target lifted by Barclays from $36.00 to $37.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

CTRA has been the topic of several other reports. Mizuho upped their price target on Coterra Energy from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Wells Fargo & Company increased their target price on Coterra Energy from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Jefferies Financial Group increased their price target on Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research note on Tuesday, February 4th. Citigroup increased their price target on Coterra Energy from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, The Goldman Sachs Group increased their price target on Coterra Energy from $33.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Three investment 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.47.

Coterra Energy Stock Performance

CTRA stock opened at $27.01 on Wednesday. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. The firm has a market cap of $19.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 0.59 and a beta of 0.26. Coterra Energy has a 12-month low of $22.30 and a 12-month high of $29.95. The stock’s 50 day simple moving average is $27.41 and its 200 day simple moving average is $25.47.

Coterra Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.88 annualized dividend and a yield of 3.26%. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s dividend payout ratio (DPR) is currently 50.60%.

Insider Activity

In other news, SVP Kevin William Smith sold 29,643 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $26.16, for a total transaction of $775,460.88. Following the completion of the sale, the senior vice president now directly owns 77,075 shares of the company’s stock, valued at $2,016,282. This represents a 27.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coterra Energy

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in Coterra Energy by 28.4% in the 3rd quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock worth $1,705,480,000 after acquiring an additional 15,736,247 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Coterra Energy by 5,744.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,661,696 shares of the company’s stock worth $93,520,000 after acquiring an additional 3,599,042 shares in the last quarter. Holocene Advisors LP lifted its stake in Coterra Energy by 187.2% in the 3rd quarter. Holocene Advisors LP now owns 4,533,269 shares of the company’s stock worth $108,572,000 after acquiring an additional 2,954,675 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Coterra Energy by 117.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 4,817,375 shares of the company’s stock worth $123,036,000 after acquiring an additional 2,600,801 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Coterra Energy in the 4th quarter worth about $61,461,000. 87.92% of the stock is owned by hedge funds and other institutional investors.

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.