Coterra Energy (NYSE:CTRA) Given New $32.00 Price Target at Scotiabank

Key Points

• Scotiabank has lowered its price target for Coterra Energy from $35.00 to $32.00, suggesting a potential upside of 33.86% from the company's previous close.
• Despite the price target cut, other analysts have recently raised their price targets, with Wells Fargo setting it at $33.00 and JPMorgan at $35.00, both maintaining "overweight" ratings.
• Coterra Energy reported $0.48 earnings per share for the last quarter, missing estimates by $0.02, while its revenue of $1.97 billion exceeded expectations.

Coterra Energy (NYSE:CTRA - Get Free Report) had its target price reduced by analysts at Scotiabank from $35.00 to $32.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's target price points to a potential upside of 35.85% from the company's previous close.

A number of other brokerages also recently commented on CTRA. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coterra Energy in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Coterra Energy from $33.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday. Piper Sandler boosted their price objective on Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. The Goldman Sachs Group restated a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company boosted their price objective on Coterra Energy from $32.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Thirteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.06.

Coterra Energy Price Performance

Coterra Energy stock traded down $0.68 during mid-day trading on Thursday, hitting $23.56. 2,829,887 shares of the company were exchanged, compared to its average volume of 7,166,677. The company has a market capitalization of $17.98 billion, a P/E ratio of 11.27, a PEG ratio of 0.35 and a beta of 0.29. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08. Coterra Energy has a 12-month low of $22.46 and a 12-month high of $29.95. The business's 50 day simple moving average is $23.94 and its two-hundred day simple moving average is $24.89.

Coterra Energy (NYSE:CTRA - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The business had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $1.78 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. Coterra Energy's revenue for the quarter was up 54.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 EPS. Analysts forecast that Coterra Energy will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of Coterra Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Donald L. Hagan LLC raised its stake in Coterra Energy by 1.1% during the first quarter. Donald L. Hagan LLC now owns 35,754 shares of the company's stock valued at $1,033,000 after buying an additional 401 shares in the last quarter. Saxon Interests Inc. raised its stake in Coterra Energy by 5.1% during the first quarter. Saxon Interests Inc. now owns 9,319 shares of the company's stock valued at $269,000 after buying an additional 451 shares in the last quarter. Tectonic Advisors LLC raised its stake in Coterra Energy by 3.2% during the first quarter. Tectonic Advisors LLC now owns 14,834 shares of the company's stock valued at $429,000 after buying an additional 459 shares in the last quarter. GAMMA Investing LLC raised its stake in Coterra Energy by 2.1% during the third quarter. GAMMA Investing LLC now owns 22,763 shares of the company's stock valued at $538,000 after buying an additional 462 shares in the last quarter. Finally, Hartford Funds Management Co LLC raised its stake in Coterra Energy by 1.4% during the first quarter. Hartford Funds Management Co LLC now owns 35,301 shares of the company's stock valued at $1,020,000 after buying an additional 472 shares in the last quarter. Institutional investors and hedge funds own 87.92% of the company's stock.

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.