Assetmark Inc. Cuts Stock Holdings in Coterra Energy Inc. (NYSE:CTRA)

Key Points

• Assetmark Inc. has significantly reduced its stake in Coterra Energy Inc. (CTRA) by 93.5%, selling over 95,000 shares and now holding only 6,681 shares valued at approximately $193,000.
• Institutional investors currently own 87.92% of Coterra Energy, with notable stakeholders including Huntington National Bank and Wells Fargo & Company, which both increased their positions during the last quarter.
• Coterra Energy reported an earnings per share (EPS) of $0.80 for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.22 per share with a yield of 3.7%.

Assetmark Inc. decreased its holdings in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 93.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 6,681 shares of the company's stock after selling 95,748 shares during the period. Assetmark Inc.'s holdings in Coterra Energy were worth $193,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CTRA. Huntington National Bank increased its position in Coterra Energy by 106.5% during the 4th quarter. Huntington National Bank now owns 5,067 shares of the company's stock valued at $129,000 after purchasing an additional 2,613 shares during the period. Westpac Banking Corp increased its position in Coterra Energy by 46.1% during the 4th quarter. Westpac Banking Corp now owns 23,774 shares of the company's stock valued at $607,000 after purchasing an additional 7,505 shares during the period. ExodusPoint Capital Management LP purchased a new position in Coterra Energy during the 4th quarter valued at about $9,116,000. Wells Fargo & Company MN increased its position in Coterra Energy by 16.1% during the 4th quarter. Wells Fargo & Company MN now owns 2,181,198 shares of the company's stock valued at $55,708,000 after purchasing an additional 302,327 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new position in Coterra Energy during the 4th quarter valued at about $5,454,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Coterra Energy Price Performance

Coterra Energy stock opened at $23.69 on Friday. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95. The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 0.32 and a beta of 0.33. The company has a fifty day simple moving average of $25.13 and a 200-day simple moving average of $26.19. The company has a quick ratio of 0.86, a current ratio of 0.90 and a debt-to-equity ratio of 0.30.

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

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.7%. Coterra Energy's payout ratio is presently 51.16%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CTRA shares. Susquehanna cut their target price on shares of Coterra Energy from $34.00 to $32.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. UBS Group cut their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company cut their price objective on shares of Coterra Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. 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 research report on Tuesday, May 13th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $31.00 price objective on shares of Coterra Energy in a research report on Tuesday, July 1st. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.16.

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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