Wells Fargo & Company Cuts Coterra Energy (NYSE:CTRA) Price Target to $32.00

Coterra Energy (NYSE:CTRA) had its price objective trimmed by Wells Fargo & Company from $34.00 to $32.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently weighed in on the company. Roth Mkm raised Coterra Energy from a neutral rating to a buy rating and boosted their price target for the stock from $25.00 to $29.00 in a research report on Tuesday, August 27th. Morgan Stanley reduced their target price on Coterra Energy from $29.00 to $27.00 and set an equal weight rating for the company in a report on Monday, September 16th. BMO Capital Markets upgraded Coterra Energy to a hold rating in a report on Wednesday, July 3rd. UBS Group reduced their price objective on shares of Coterra Energy from $34.00 to $31.00 and set a buy rating for the company in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Coterra Energy from $31.00 to $26.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $32.24.

Coterra Energy Stock Performance

Shares of NYSE CTRA opened at $24.72 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.40 and a quick ratio of 1.38. Coterra Energy has a one year low of $22.30 and a one year high of $29.89. The business’s 50-day moving average price is $23.93 and its two-hundred day moving average price is $26.24. The company has a market capitalization of $18.40 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 1.37 and a beta of 0.22.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02). The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.32 billion. Coterra Energy had a net margin of 23.18% and a return on equity of 10.48%. Coterra Energy’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.38 EPS. Analysts anticipate that Coterra Energy will post 1.74 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Thursday, August 15th. Coterra Energy’s dividend payout ratio (DPR) is presently 48.55%.

Hedge Funds Weigh In On Coterra Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp raised its position 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 2nd quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock worth $279,000 after buying an additional 404 shares in the last quarter. Redwood Wealth Management Group LLC lifted its position 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 worth $529,000 after buying an additional 429 shares during the period. Cornercap Investment Counsel Inc. boosted its stake in Coterra Energy by 0.7% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 66,280 shares of the company’s stock valued at $1,768,000 after buying an additional 436 shares in the last quarter. Finally, Quent Capital LLC grew its position in Coterra Energy by 8.1% in the first quarter. Quent Capital LLC now owns 5,923 shares of the company’s stock valued at $165,000 after acquiring an additional 445 shares during the period. 87.92% of the stock is owned by 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.