Corigliano Investment Advisers LLC Makes New Investment in Coterra Energy Inc. (NYSE:CTRA)

Corigliano Investment Advisers LLC bought a new position in Coterra Energy Inc. (NYSE:CTRA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 776,405 shares of the company's stock, valued at approximately $19,829,000. Coterra Energy makes up about 9.5% of Corigliano Investment Advisers LLC's holdings, making the stock its biggest holding. Corigliano Investment Advisers LLC owned approximately 0.11% of Coterra Energy at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP raised its holdings in shares of Coterra Energy by 1.9% during the 4th quarter. Wellington Management Group LLP now owns 72,528,767 shares of the company's stock valued at $1,852,385,000 after purchasing an additional 1,318,754 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Coterra Energy by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,467,326 shares of the company's stock worth $599,356,000 after buying an additional 1,310,965 shares during the last quarter. Geode Capital Management LLC raised its holdings in Coterra Energy by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 19,096,761 shares of the company's stock valued at $486,528,000 after buying an additional 96,059 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Coterra Energy by 5.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,808,693 shares of the company's stock worth $454,834,000 after buying an additional 845,609 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Coterra Energy by 9.0% during the 4th quarter. Invesco Ltd. now owns 12,232,484 shares of the company's stock worth $312,418,000 after acquiring an additional 1,011,166 shares in the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

Coterra Energy Price Performance

Shares of CTRA stock traded up $0.28 during mid-day trading on Friday, reaching $23.40. The company's stock had a trading volume of 5,653,311 shares, compared to its average volume of 6,327,562. The firm's 50-day moving average is $26.30 and its two-hundred day moving average is $26.35. The company has a market cap of $17.88 billion, a P/E ratio of 14.10, a PEG ratio of 0.59 and a beta of 0.33. 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 quick ratio of 1.56 and a current ratio of 1.61.

Coterra Energy (NYSE:CTRA - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.09. Coterra Energy had a return on equity of 9.38% and a net margin of 21.91%. The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the previous year, the business earned $0.51 earnings per share. The company's quarterly revenue was up 32.9% on a year-over-year basis. On average, research analysts predict that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.88 annualized dividend and a yield of 3.76%. Coterra Energy's dividend payout ratio is currently 51.16%.

Insiders Place Their Bets

In other news, SVP Michael D. Deshazer sold 35,377 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the completion of the sale, the senior vice president now owns 126,770 shares of the company's stock, valued at approximately $3,374,617.40. This trade represents a 21.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kevin William Smith sold 25,733 shares of Coterra Energy stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the transaction, the senior vice president now owns 106,114 shares of the company's stock, valued at $3,086,856.26. This trade represents a 19.52 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CTRA. Jefferies Financial Group raised their price objective on Coterra Energy from $26.00 to $28.00 and gave the company a "hold" rating in a research note on Tuesday, February 4th. UBS Group reduced their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Friday. Barclays decreased their price objective on shares of Coterra Energy from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday. Raymond James dropped their target price on shares of Coterra Energy from $41.00 to $37.00 and set an "outperform" rating on the stock in a report on Wednesday, March 12th. Finally, Wells Fargo & Company upped their price target on shares of Coterra Energy from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, April 21st. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $33.75.

About Coterra Energy

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.