Allstate Corp Grows Stake in Coterra Energy Inc. $CTRA

Key Points

• Allstate Corp increased its stake in Coterra Energy Inc. by 81.9%, purchasing an additional 17,538 shares, bringing its total to 38,957 shares valued at approximately $1.13 million.
• Analysts have differing price targets for Coterra Energy, with Wells Fargo raising its target to $33.00 while UBS cut it to $30.00, reflecting a consensus price target of $33.37.
• Coterra Energy recently announced a quarterly dividend of $0.22 per share, with a dividend payout ratio of 42.11% and a dividend yield of 3.7% based on annualized data.

Allstate Corp grew its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 81.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,957 shares of the company's stock after purchasing an additional 17,538 shares during the quarter. Allstate Corp's holdings in Coterra Energy were worth $1,126,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CTRA. MML Investors Services LLC grew its holdings in shares of Coterra Energy by 20.8% during the fourth quarter. MML Investors Services LLC now owns 128,026 shares of the company's stock valued at $3,270,000 after buying an additional 22,014 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Coterra Energy by 13.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 26,912 shares of the company's stock valued at $687,000 after buying an additional 3,101 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Coterra Energy by 0.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,419,146 shares of the company's stock valued at $36,246,000 after buying an additional 10,072 shares during the last quarter. MGO One Seven LLC grew its holdings in shares of Coterra Energy by 6.4% during the fourth quarter. MGO One Seven LLC now owns 34,645 shares of the company's stock valued at $885,000 after buying an additional 2,078 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of Coterra Energy by 7.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 191,468 shares of the company's stock valued at $4,890,000 after buying an additional 13,710 shares during the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CTRA. Wells Fargo & Company boosted their price objective on shares of Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. UBS Group dropped their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Bank of America decreased their target price on shares of Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Finally, Mizuho decreased their target price on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Coterra Energy has an average rating of "Moderate Buy" and a consensus price target of $33.37.

Coterra Energy Trading Up 1.4%

NYSE CTRA opened at $23.7750 on Friday. The company has a market capitalization of $18.14 billion, a PE ratio of 11.38, a P/E/G ratio of 0.32 and a beta of 0.33. The company has a fifty day moving average of $24.69 and a 200 day moving average of $25.68. Coterra Energy Inc. has a 1 year low of $22.30 and a 1 year high of $29.95. 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 (NYSE:CTRA - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The business 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 company's revenue for the quarter was up 54.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. Research analysts forecast that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be given a $0.22 dividend. The ex-dividend date is Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.7%. Coterra Energy's dividend payout ratio is 42.11%.

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.

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