Riggs Asset Managment Co. Inc. Buys New Position in Coterra Energy Inc. (NYSE:CTRA)

Riggs Asset Managment Co. Inc. acquired a new position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 150,178 shares of the company's stock, valued at approximately $4,340,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Donald L. Hagan LLC raised its position in shares of Coterra Energy by 1.1% during the first quarter. Donald L. Hagan LLC now owns 35,754 shares of the company's stock worth $1,033,000 after acquiring an additional 401 shares during the last quarter. Investors Research Corp boosted its holdings in Coterra Energy by 45.2% in the first quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after acquiring an additional 408 shares during the last quarter. Saxon Interests Inc. increased its position in Coterra Energy by 5.1% in the first quarter. Saxon Interests Inc. now owns 9,319 shares of the company's stock worth $269,000 after purchasing an additional 451 shares during the period. Procyon Advisors LLC raised its holdings in Coterra Energy by 3.6% during the 1st quarter. Procyon Advisors LLC now owns 13,460 shares of the company's stock worth $389,000 after purchasing an additional 469 shares during the last quarter. Finally, Cadence Wealth Management LLC raised its holdings in Coterra Energy by 4.1% during the 4th quarter. Cadence Wealth Management LLC now owns 11,880 shares of the company's stock worth $303,000 after purchasing an additional 472 shares during the last quarter. Institutional investors own 87.92% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CTRA shares. JPMorgan Chase & Co. reduced their target price on shares of Coterra Energy from $36.00 to $33.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Mizuho cut their price objective on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Susquehanna lowered their target price on shares of Coterra Energy from $34.00 to $32.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. UBS Group dropped their target price on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Wells Fargo & Company cut their price target on Coterra Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $33.00.

Coterra Energy Trading Up 0.6%

NYSE:CTRA traded up $0.16 on Friday, reaching $25.19. The company's stock had a trading volume of 3,494,277 shares, compared to its average volume of 6,510,635. The firm has a market cap of $19.22 billion, a PE ratio of 14.64, a PEG ratio of 0.34 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.90. The business's 50-day moving average price is $25.20 and its two-hundred day moving average price is $26.42. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.95.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.09. The business had revenue of $924.00 million during the quarter, compared to analyst estimates of $1.92 billion. Coterra Energy had a return on equity of 10.61% and a net margin of 21.67%. Coterra Energy's quarterly revenue was up 32.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. Equities research analysts anticipate that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were given a $0.22 dividend. The ex-dividend date was Thursday, May 15th. This represents a $0.88 annualized dividend and a yield of 3.49%. Coterra Energy's dividend payout ratio is currently 51.16%.

Coterra Energy 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.