Raymond James Financial Inc. Takes Position in Coterra Energy Inc. (NYSE:CTRA)

Raymond James Financial Inc. acquired a new position in Coterra Energy Inc. (NYSE:CTRA) in the 4th quarter, Holdings Channel reports. The firm acquired 2,406,472 shares of the company’s stock, valued at approximately $61,461,000.

Several other hedge funds also recently added to or reduced their stakes in CTRA. Summit Global Investments purchased a new position in Coterra Energy in the third quarter worth approximately $621,000. Assetmark Inc. grew its position in Coterra Energy by 11.7% in the third quarter. Assetmark Inc. now owns 93,849 shares of the company’s stock worth $2,248,000 after acquiring an additional 9,840 shares during the period. Venturi Wealth Management LLC grew its position in Coterra Energy by 1.4% in the third quarter. Venturi Wealth Management LLC now owns 33,559 shares of the company’s stock worth $804,000 after acquiring an additional 474 shares during the period. Nations Financial Group Inc. IA ADV grew its position in Coterra Energy by 4.2% in the third quarter. Nations Financial Group Inc. IA ADV now owns 17,777 shares of the company’s stock worth $426,000 after acquiring an additional 724 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Coterra Energy by 2.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,650,859 shares of the company’s stock worth $39,538,000 after acquiring an additional 40,569 shares during the period. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Stock Up 2.4 %

Coterra Energy stock opened at $26.73 on Tuesday. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. The stock has a market cap of $20.42 billion, a PE ratio of 16.10, a P/E/G ratio of 0.59 and a beta of 0.26. The stock’s fifty day moving average is $27.65 and its two-hundred day moving average is $25.60.

Coterra Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 3.29%. Coterra Energy’s dividend payout ratio (DPR) is currently 58.28%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CTRA shares. The Goldman Sachs Group raised their price target on Coterra Energy from $33.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley raised their price target on Coterra Energy from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Piper Sandler raised their price target on Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. Williams Trading set a $37.00 price target on Coterra Energy in a research report on Wednesday, March 5th. Finally, Citigroup raised their price target on Coterra Energy from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.80.

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.