Coterra Energy (NYSE:CTRA) Releases Quarterly Earnings Results, Misses Expectations By $0.28 EPS

Key Points

• Coterra missed expectations: Q1 EPS was $0.61 vs. the $0.89 consensus and revenue was $1.95B vs. $2.25B, and the stock slid about 8.5% to $32.60 on heavy trading.
• Dividend maintained: The company paid a $0.22 quarterly dividend ($0.88 annualized) implying a ~2.7% yield and a payout ratio of 38.6%.
• Analyst sentiment remains constructive: Brokerages predominantly rate CTRA a Buy (average rating "Moderate Buy") with a consensus price target of $37.32.

Coterra Energy (NYSE:CTRA - Get Free Report) announced its earnings results on Wednesday. The company reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.28), FiscalAI reports. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $2.25 billion. Coterra Energy had a return on equity of 10.43% and a net margin of 22.46%.

Coterra Energy Stock Down 8.5%

CTRA stock traded down $3.03 during trading on Wednesday, reaching $32.60. 73,302,851 shares of the stock were exchanged, compared to its average volume of 6,996,085. The firm's 50 day moving average is $33.02 and its 200 day moving average is $28.91. The firm has a market cap of $24.75 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 0.52 and a beta of 0.32. The company has a current ratio of 1.19, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. Coterra Energy has a twelve month low of $22.33 and a twelve month high of $36.88.

Coterra Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 11th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, March 11th. Coterra Energy's payout ratio is presently 38.60%.

Wall Street Analysts Forecast Growth

CTRA has been the subject of a number of recent analyst reports. Citigroup increased their price target on Coterra Energy from $32.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, March 30th. JPMorgan Chase & Co. cut their target price on Coterra Energy from $34.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, January 12th. Piper Sandler raised their target price on Coterra Energy from $41.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. UBS Group lifted their target price on Coterra Energy from $33.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Finally, Scotiabank boosted their price target on Coterra Energy from $31.00 to $32.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.32.

Institutional Investors Weigh In On Coterra Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC grew its position in Coterra Energy by 14.5% in the 4th quarter. Corient Private Wealth LLC now owns 202,725 shares of the company's stock valued at $5,162,000 after purchasing an additional 25,641 shares during the period. Strive Financial Group LLC bought a new position in shares of Coterra Energy in the fourth quarter valued at $42,000. Mercer Global Advisors Inc. ADV grew its holdings in shares of Coterra Energy by 4.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 139,128 shares of the company's stock valued at $3,662,000 after buying an additional 5,415 shares during the last quarter. Summit Global Investments grew its holdings in shares of Coterra Energy by 64.8% during the fourth quarter. Summit Global Investments now owns 75,689 shares of the company's stock valued at $1,992,000 after buying an additional 29,775 shares during the last quarter. Finally, Beacon Pointe Advisors LLC increased its position in shares of Coterra Energy by 9.5% during the fourth quarter. Beacon Pointe Advisors LLC now owns 24,579 shares of the company's stock worth $647,000 after acquiring an additional 2,141 shares in the last quarter. Institutional investors own 87.92% of the company's stock.

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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