Royal London Asset Management Ltd. Reduces Stake in Coterra Energy Inc. (NYSE:CTRA)

Royal London Asset Management Ltd. cut its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 17.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,773,165 shares of the company’s stock after selling 381,348 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Coterra Energy were worth $47,290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp boosted its stake in shares of 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 buying an additional 399 shares during the last quarter. TCW Group Inc. grew its stake in shares of Coterra Energy by 4.0% during the 2nd quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock worth $279,000 after purchasing an additional 404 shares during the period. Redwood Wealth Management Group LLC increased its holdings in shares of Coterra Energy by 2.3% during the 1st quarter. Redwood Wealth Management Group LLC now owns 18,974 shares of the company’s stock valued at $529,000 after purchasing an additional 429 shares in the last quarter. Quent Capital LLC lifted its stake in shares of Coterra Energy by 8.1% in the 1st quarter. Quent Capital LLC now owns 5,923 shares of the company’s stock valued at $165,000 after purchasing an additional 445 shares during the period. Finally, Financial Advisors Network Inc. boosted its holdings in Coterra Energy by 3.6% during the fourth quarter. Financial Advisors Network Inc. now owns 14,575 shares of the company’s stock worth $372,000 after buying an additional 501 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CTRA. Citigroup upped their price objective on shares of Coterra Energy from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, May 24th. Bank of America reiterated a “buy” rating and set a $34.00 price target on shares of Coterra Energy in a research report on Friday, June 14th. Roth Mkm raised Coterra Energy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $25.00 to $29.00 in a research note on Tuesday, August 27th. Truist Financial decreased their target price on Coterra Energy from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, Wolfe Research began coverage on shares of Coterra Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $35.00 price target for the company. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Coterra Energy presently has a consensus rating of “Moderate Buy” and an average price target of $33.12.

Coterra Energy Price Performance

NYSE:CTRA opened at $22.62 on Wednesday. The stock has a 50 day moving average price of $25.09 and a 200 day moving average price of $26.59. The stock has a market cap of $16.83 billion, a PE ratio of 13.08, a P/E/G ratio of 1.17 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40. Coterra Energy Inc. has a one year low of $22.35 and a one year high of $29.89.

Coterra Energy (NYSE:CTRA) last posted its quarterly 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). Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. Equities research analysts expect that Coterra Energy Inc. will post 1.95 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were paid a $0.21 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.84 annualized dividend and a dividend yield of 3.71%. Coterra Energy’s dividend payout ratio (DPR) is 48.55%.

Coterra Energy 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.