Brandywine Global Investment Management LLC Takes $10.42 Million Position in Coterra Energy Inc. $CTRA

Key Points

• Brandywine Global Investment Management LLC acquired a new stake in Coterra Energy Inc., purchasing 360,437 shares valued at approximately $10.4 million in the first quarter.
• Coterra Energy reported a net margin of 23.80% for the last quarter with revenues of $1.97 billion, exceeding analysts' expectations of $1.78 billion.
• The company announced a quarterly dividend of $0.22 per share, reflecting a dividend yield of 3.7%, with a payout ratio of 42.11%.

Brandywine Global Investment Management LLC acquired a new stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 360,437 shares of the company's stock, valued at approximately $10,417,000.

A number of other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC boosted its stake in shares of Coterra Energy by 175.6% during the first quarter. Cornerstone Planning Group LLC now owns 871 shares of the company's stock valued at $25,000 after purchasing an additional 555 shares during the period. Raleigh Capital Management Inc. lifted its position in shares of Coterra Energy by 463.5% during the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company's stock valued at $26,000 after buying an additional 737 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Coterra Energy during the first quarter valued at about $29,000. Wayfinding Financial LLC acquired a new position in shares of Coterra Energy during the first quarter valued at about $34,000. Finally, Investors Research Corp increased its holdings in shares of Coterra Energy by 45.2% during the first quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after acquiring an additional 408 shares in the last quarter. Institutional investors own 87.92% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CTRA. Barclays increased their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Mizuho decreased their target price on Coterra Energy from $38.00 to $36.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Pickering Energy Partners lowered Coterra Energy from an "outperform" rating to a "neutral" rating in a report on Tuesday, May 20th. Raymond James Financial set a $38.00 target price on Coterra Energy and gave the stock an "outperform" rating in a research note on Friday, June 13th. Finally, UBS Group cut their target price on Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.37.

Coterra Energy Stock Performance

NYSE CTRA traded up $0.1750 on Thursday, reaching $23.4050. The stock had a trading volume of 3,708,598 shares, compared to its average volume of 7,064,450. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95. The business's 50-day moving average price is $24.80 and its 200 day moving average price is $25.76. The stock has a market cap of $17.86 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 0.31 and a beta of 0.33.

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

Coterra Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Thursday, August 14th. Coterra Energy's dividend payout ratio is currently 42.11%.

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.