AustralianSuper Pty Ltd Acquires New Holdings in Coterra Energy Inc. $CTRA

Key Points

• AustralianSuper bought a new position of 194,884 shares in Coterra Energy (CTRA) during Q3 worth about $4.61 million; institutional investors now own roughly 87.92% of the company, with other large increases from firms like Victory Capital and Oak Grove.
• Coterra declared a quarterly dividend of $0.22 (annualized $0.88) for a ~2.9% yield, with record and ex-dividend dates on March 11 and a payment date of March 25.
• Wall Street’s consensus is a Moderate Buy with an average target of $33.45; the stock trades near $30.55, with a P/E of 13.4 and a market cap of about $23.2 billion.

AustralianSuper Pty Ltd bought a new position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 194,884 shares of the company's stock, valued at approximately $4,609,000.

Several other hedge funds and other institutional investors have also bought and sold shares of CTRA. Oak Grove Capital LLC lifted its stake in shares of Coterra Energy by 50.0% during the 3rd quarter. Oak Grove Capital LLC now owns 331,700 shares of the company's stock worth $7,845,000 after purchasing an additional 110,520 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Coterra Energy by 2.5% in the third quarter. Victory Capital Management Inc. now owns 21,581,809 shares of the company's stock worth $510,410,000 after purchasing an additional 534,132 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Coterra Energy during the third quarter valued at about $389,000. American Century Companies Inc. boosted its holdings in shares of Coterra Energy by 8.6% in the 3rd quarter. American Century Companies Inc. now owns 6,456,503 shares of the company's stock valued at $152,696,000 after buying an additional 512,197 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in shares of Coterra Energy by 145.6% in the 3rd quarter. Huntington National Bank now owns 16,869 shares of the company's stock valued at $399,000 after buying an additional 10,000 shares in the last quarter. Institutional investors own 87.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CTRA shares. William Blair started coverage on shares of Coterra Energy in a research report on Wednesday, November 26th. They set an "outperform" rating and a $36.00 target price for the company. Piper Sandler decreased their price objective on Coterra Energy from $37.00 to $36.00 and set an "overweight" rating for the company in a report on Wednesday, January 28th. BMO Capital Markets boosted their target price on Coterra Energy from $32.00 to $35.00 and gave the stock a "market perform" rating in a research note on Tuesday. JPMorgan Chase & Co. reduced 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. Finally, Johnson Rice lowered their price target on Coterra Energy from $38.00 to $37.00 in a report on Friday, December 5th. Sixteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.45.

Coterra Energy Stock Performance

Shares of CTRA opened at $30.55 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 1.19. The stock has a 50-day moving average of $28.29 and a two-hundred day moving average of $25.97. The stock has a market cap of $23.20 billion, a P/E ratio of 13.40, a P/E/G ratio of 0.77 and a beta of 0.38. Coterra Energy Inc. has a one year low of $22.33 and a one year high of $32.67.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 11th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, March 11th. Coterra Energy's dividend payout ratio is 38.60%.

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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