Allspring Global Investments Holdings LLC Raises Stake in Coterra Energy Inc. $CTRA

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Coterra Energy Inc. by 236.0% during Q2, owning approximately 0.05% of the company valued at over $10 million.
• Coterra Energy's recent quarterly earnings showed $0.48 EPS, which missed estimates, but revenue increased 54.6% year-over-year to $1.97 billion.
• The company declared a quarterly dividend of $0.22 per share, delivering a yield of 3.9% with a payout ratio of 42.11%.

Allspring Global Investments Holdings LLC lifted its position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 236.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 413,403 shares of the company's stock after purchasing an additional 290,349 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of Coterra Energy worth $10,372,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CTRA. GAMMA Investing LLC grew its holdings in shares of Coterra Energy by 95.8% during the 1st quarter. GAMMA Investing LLC now owns 23,421 shares of the company's stock worth $677,000 after purchasing an additional 11,459 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Coterra Energy by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 51,425 shares of the company's stock worth $1,486,000 after acquiring an additional 1,037 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Coterra Energy by 9.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 251,726 shares of the company's stock worth $7,275,000 after acquiring an additional 21,733 shares during the period. Sagespring Wealth Partners LLC purchased a new position in Coterra Energy in the 1st quarter worth approximately $237,000. Finally, Clarius Group LLC purchased a new position in Coterra Energy in the 1st quarter worth approximately $205,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Performance

CTRA stock opened at $22.82 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. The firm has a market cap of $17.41 billion, a P/E ratio of 10.92, a P/E/G ratio of 0.34 and a beta of 0.29. Coterra Energy Inc. has a 12-month low of $22.33 and a 12-month high of $29.95. The stock's 50 day simple moving average is $23.80 and its 200 day simple moving average is $24.58.

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

Coterra Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, August 14th. Coterra Energy's dividend payout ratio is currently 42.11%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CTRA shares. Roth Capital decreased their price target on Coterra Energy from $27.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday. Morgan Stanley decreased their price target on Coterra Energy from $29.00 to $28.00 and set an "equal weight" rating for the company in a report on Tuesday, October 14th. Wells Fargo & Company increased their target price on Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Piper Sandler increased their target price on Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $34.00 target price (down from $38.00) on shares of Coterra Energy in a research note on Thursday, September 11th. Sixteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Coterra Energy has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.

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.

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