HITE Hedge Asset Management LLC Has $16.95 Million Stock Position in Coterra Energy Inc. (NYSE:CTRA)

HITE Hedge Asset Management LLC raised its stake in Coterra Energy Inc. (NYSE:CTRA) by 406.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 707,729 shares of the company’s stock after acquiring an additional 567,934 shares during the quarter. Coterra Energy comprises approximately 2.0% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. HITE Hedge Asset Management LLC’s holdings in Coterra Energy were worth $16,950,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC increased its stake in Coterra Energy by 154.9% during the 2nd quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock valued at $25,000 after purchasing an additional 567 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Coterra Energy by 98.0% in the 2nd quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock worth $29,000 after acquiring an additional 535 shares during the period. Values First Advisors Inc. acquired a new stake in shares of Coterra Energy during the third quarter worth $57,000. Tobam purchased a new stake in shares of Coterra Energy during the third quarter worth about $63,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Coterra Energy by 31.0% during the first quarter. EverSource Wealth Advisors LLC now owns 2,351 shares of the company’s stock valued at $64,000 after buying an additional 557 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.

Wall Street Analyst Weigh In

CTRA has been the topic of a number of analyst reports. Scotiabank lowered their target price on shares of Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Stephens boosted their price objective on shares of Coterra Energy from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Barclays upped their price objective on Coterra Energy from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Mizuho increased their target price on Coterra Energy from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial raised their target price on Coterra Energy from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.47.

Insider Activity

In other Coterra Energy news, SVP Adam M. Vela sold 16,435 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total value of $439,800.60. Following the sale, the senior vice president now owns 72,409 shares in the company, valued at approximately $1,937,664.84. This trade represents a 18.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

Coterra Energy Price Performance

Shares of Coterra Energy stock opened at $26.08 on Tuesday. The stock has a market cap of $19.21 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.74 and a beta of 0.26. The company’s 50-day moving average price is $24.75 and its two-hundred day moving average price is $25.35. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $28.90. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16.

Coterra Energy (NYSE:CTRA) last released its earnings results on Thursday, October 31st. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate 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 quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. As a group, sell-side analysts anticipate that Coterra Energy Inc. will post 1.53 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a dividend of $0.21 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a yield of 3.22%. Coterra Energy’s dividend payout ratio (DPR) is 50.60%.

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.