Retirement Systems of Alabama Cuts Stock Position in Coterra Energy Inc. (NYSE:CTRA)

Retirement Systems of Alabama cut its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 163,382 shares of the company’s stock after selling 787 shares during the period. Retirement Systems of Alabama’s holdings in Coterra Energy were worth $3,913,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Coterra Energy by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 22,156,361 shares of the company’s stock valued at $530,645,000 after acquiring an additional 305,626 shares during the last quarter. Hartford Funds Management Co LLC purchased a new stake in shares of Coterra Energy in the 3rd quarter valued at $575,000. Barclays PLC grew its holdings in shares of Coterra Energy by 3.1% during the 3rd quarter. Barclays PLC now owns 2,147,263 shares of the company’s stock valued at $51,425,000 after purchasing an additional 64,753 shares during the last quarter. HITE Hedge Asset Management LLC raised its position in Coterra Energy by 406.3% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 707,729 shares of the company’s stock worth $16,950,000 after purchasing an additional 567,934 shares during the period. Finally, Pine Valley Investments Ltd Liability Co lifted its stake in Coterra Energy by 37.5% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 122,725 shares of the company’s stock worth $2,939,000 after purchasing an additional 33,452 shares during the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CTRA. Wells Fargo & Company raised their price objective on Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Scotiabank decreased their price target on 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. Citigroup increased their price objective on Coterra Energy from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Truist Financial lifted their target price on shares of Coterra Energy from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Stephens increased their price target on shares of Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.53.

Insider Activity at Coterra Energy

In other news, SVP Adam M. Vela sold 16,435 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total transaction of $439,800.60. Following the sale, the senior vice president now owns 72,409 shares in the company, valued at $1,937,664.84. This represents a 18.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kevin William Smith sold 29,643 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 77,075 shares of the company’s stock, valued at approximately $2,016,282. The trade was a 27.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Coterra Energy Price Performance

CTRA opened at $23.67 on Friday. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $28.90. The company has a market cap of $17.44 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.64 and a beta of 0.27. 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 stock has a fifty day simple moving average of $24.97 and a two-hundred day simple moving average of $25.14.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.28 billion. The company’s revenue was up .2% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share. Research analysts predict that Coterra Energy Inc. will post 1.53 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.21 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.84 annualized dividend and a dividend yield of 3.55%. Coterra Energy’s payout ratio is currently 50.60%.

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.