Bank of Nova Scotia Lowers Stake in Coterra Energy Inc. (NYSE:CTRA)

Bank of Nova Scotia cut its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 86.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,492 shares of the company's stock after selling 503,318 shares during the period. Bank of Nova Scotia's holdings in Coterra Energy were worth $2,297,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new stake in Coterra Energy in the fourth quarter worth about $942,000. State of Tennessee Department of Treasury lifted its position in shares of Coterra Energy by 7.1% in the 4th quarter. State of Tennessee Department of Treasury now owns 472,799 shares of the company's stock worth $12,075,000 after purchasing an additional 31,425 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Coterra Energy during the fourth quarter valued at approximately $641,000. Allspring Global Investments Holdings LLC increased its holdings in Coterra Energy by 7.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock valued at $3,577,000 after buying an additional 8,726 shares during the period. Finally, Vontobel Holding Ltd. purchased a new position in Coterra Energy during the first quarter valued at approximately $233,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Performance

Shares of Coterra Energy stock traded up $0.24 during trading on Friday, hitting $24.01. 4,443,567 shares of the company's stock were exchanged, compared to its average volume of 7,213,023. The stock has a market capitalization of $18.32 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.32 and a beta of 0.33. The business has a 50-day simple moving average of $25.08 and a 200-day simple moving average of $26.00. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.86 and a current ratio of 1.13.

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

Coterra Energy Announces Dividend

The business 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. This represents a $0.88 annualized dividend and a yield of 3.7%. The ex-dividend date is Thursday, August 14th. Coterra Energy's dividend payout ratio is currently 42.11%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CTRA shares. Morgan Stanley set a $28.00 target price on Coterra Energy in a report on Tuesday, April 15th. Susquehanna decreased their price objective on Coterra Energy from $34.00 to $32.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Bank of America cut their target price on Coterra Energy from $34.00 to $33.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Wells Fargo & Company decreased their price target on shares of Coterra Energy from $33.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Finally, Pickering Energy Partners downgraded shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research report on Tuesday, May 20th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Coterra Energy presently has an average rating of "Moderate Buy" and an average price target of $33.16.

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.