Easterly Investment Partners LLC Raises Stock Position in Coterra Energy Inc. (NYSE:CTRA)

Easterly Investment Partners LLC grew its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 8.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 595,846 shares of the company’s stock after purchasing an additional 47,181 shares during the period. Coterra Energy makes up approximately 1.4% of Easterly Investment Partners LLC’s investment portfolio, making the stock its 12th biggest position. Easterly Investment Partners LLC owned 0.08% of Coterra Energy worth $15,891,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Coterra Energy during the fourth quarter valued at approximately $1,396,000. Federated Hermes Inc. raised its position in shares of Coterra Energy by 54.9% in the fourth quarter. Federated Hermes Inc. now owns 22,854 shares of the company’s stock worth $583,000 after acquiring an additional 8,099 shares during the period. abrdn plc raised its position in shares of Coterra Energy by 72.7% in the fourth quarter. abrdn plc now owns 329,277 shares of the company’s stock worth $8,403,000 after acquiring an additional 138,621 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Coterra Energy during the fourth quarter worth about $152,000. Finally, Alaska Permanent Fund Corp increased its stake in shares of Coterra Energy by 1.3% during the fourth quarter. Alaska Permanent Fund Corp now owns 96,170 shares of the company’s stock worth $2,454,000 after purchasing an additional 1,270 shares in the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Coterra Energy Stock Performance

Shares of Coterra Energy stock traded up $0.30 during midday trading on Friday, hitting $24.16. The company had a trading volume of 3,571,381 shares, compared to its average volume of 6,367,413. The business’s 50 day simple moving average is $25.76 and its two-hundred day simple moving average is $26.66. The stock has a market cap of $17.98 billion, a PE ratio of 13.97, a P/E/G ratio of 1.49 and a beta of 0.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.49 and a quick ratio of 1.46. Coterra Energy Inc. has a 1-year low of $23.18 and a 1-year high of $29.89.

Coterra Energy (NYSE:CTRA) last issued its earnings results on Thursday, August 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.32 billion. Coterra Energy had a net margin of 23.18% and a return on equity of 10.49%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS. As a group, equities analysts predict that Coterra Energy Inc. will post 2.02 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 15th will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.84 annualized dividend and a dividend yield of 3.48%. Coterra Energy’s dividend payout ratio is presently 48.55%.

Analysts Set New Price Targets

Several analysts recently issued reports on CTRA shares. Piper Sandler dropped their price objective on shares of Coterra Energy from $39.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Bank of America reissued a “buy” rating and issued a $34.00 price objective on shares of Coterra Energy in a research report on Friday, June 14th. UBS Group dropped their target price on shares of Coterra Energy from $36.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Mizuho raised their price objective on shares of Coterra Energy from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Susquehanna raised their target price on shares of Coterra Energy from $32.00 to $33.00 and gave the stock a “positive” rating in a research note on Tuesday, May 7th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Coterra Energy has an average rating of “Moderate Buy” and a consensus price target of $33.56.

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.