Coterra Energy (NYSE:CTRA) Price Target Raised to $32.00 at Scotiabank

Key Points

• Scotiabank raised its price target on Coterra from $31.00 to $32.00 while maintaining a "sector perform" rating, a target that implies about a 1.34% downside versus the prior close.
• Several other firms materially increased targets and ratings (e.g., Piper Sandler to $47, UBS to $38, Susquehanna to $40), leaving a MarketBeat consensus of Moderate Buy with an average price target of $37.13.
• Shares traded up 1.8% to $32.44 (market cap ~$24.6B, P/E 14.24), and institutional ownership is high (~87.92%) with Vanguard, Wellington and Davis notably raising their stakes.

Coterra Energy (NYSE:CTRA - Get Free Report) had its price objective boosted by equities research analysts at Scotiabank from $31.00 to $32.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price target indicates a potential downside of 1.34% from the company's previous close.

Several other research firms also recently weighed in on CTRA. Piper Sandler boosted their target price on shares of Coterra Energy from $41.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Susquehanna lifted their price target on Coterra Energy from $34.00 to $40.00 and gave the stock a "positive" rating in a research note on Tuesday. UBS Group boosted their price objective on Coterra Energy from $33.00 to $38.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Weiss Ratings upgraded Coterra Energy from a "hold (c+)" rating to a "buy (b)" rating in a research note on Monday, March 2nd. Finally, BMO Capital Markets increased their target price on Coterra Energy from $32.00 to $35.00 and gave the stock a "market perform" rating in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, Coterra Energy currently has an average rating of "Moderate Buy" and a consensus price target of $37.13.

Coterra Energy Stock Up 1.8%

CTRA traded up $0.59 during trading on Wednesday, hitting $32.44. The company had a trading volume of 1,883,280 shares, compared to its average volume of 10,688,978. Coterra Energy has a 1-year low of $22.33 and a 1-year high of $36.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.19 and a quick ratio of 1.16. The company has a market cap of $24.63 billion, a PE ratio of 14.24, a P/E/G ratio of 0.47 and a beta of 0.29. The business has a 50-day moving average of $32.48 and a 200-day moving average of $28.22.

Hedge Funds Weigh In On Coterra Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of CTRA. Vanguard Group Inc. raised its stake in shares of Coterra Energy by 4.0% during the third quarter. Vanguard Group Inc. now owns 98,991,567 shares of the company's stock valued at $2,341,151,000 after purchasing an additional 3,781,606 shares in the last quarter. Wellington Management Group LLP increased its stake in Coterra Energy by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 76,696,789 shares of the company's stock valued at $2,018,659,000 after buying an additional 2,051,217 shares during the period. Davis Selected Advisers increased its stake in Coterra Energy by 63.6% during the 4th quarter. Davis Selected Advisers now owns 32,537,508 shares of the company's stock valued at $856,387,000 after buying an additional 12,654,027 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Coterra Energy by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,716,896 shares of the company's stock worth $729,509,000 after buying an additional 561,010 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Coterra Energy by 1.9% during the 4th quarter. Victory Capital Management Inc. now owns 21,986,795 shares of the company's stock worth $578,692,000 after buying an additional 404,986 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors and hedge funds.

About Coterra Energy

Coterra Energy NYSE: CTRA is an independent oil and natural gas exploration and production company focused on the development, production and optimization of onshore hydrocarbon resources in the United States. The company’s operations center on the exploration, drilling, completion and production of crude oil, natural gas and natural gas liquids (NGLs), with an emphasis on maximizing operational efficiency and capital discipline across its asset base.

Its business activities include identifying and developing resource-rich acreage, operating producing wells, managing reservoir performance and marketing produced hydrocarbons to a range of midstream and energy customers.

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