CCM Investment Group LLC Buys Shares of 78,893 Coterra Energy Inc. (NYSE:CTRA)

Key Points

• CCM Investment Group LLC has invested $2.26 million in Coterra Energy Inc., acquiring 78,893 shares during the first quarter.
• Coterra Energy's recent earnings results showed a reported $0.48 EPS, missing the consensus estimate of $0.50, while their revenue increased by 54.6% compared to the previous year.
• The company announced a $0.22 quarterly dividend with a yield of 3.7%, to be paid on August 28th, 2023.

CCM Investment Group LLC acquired a new stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,893 shares of the company's stock, valued at approximately $2,259,000.

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

Coterra Energy Stock Performance

Shares of NYSE CTRA traded up $0.19 during trading on Wednesday, reaching $24.17. 728,563 shares of the company traded hands, compared to its average volume of 7,078,789. The firm has a 50 day simple moving average of $25.02 and a 200-day simple moving average of $25.93. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95. The stock has a market capitalization of $18.44 billion, a PE ratio of 11.56, a P/E/G ratio of 0.32 and a beta of 0.33. The company has a quick ratio of 1.08, a current ratio of 1.13 and a debt-to-equity ratio of 0.29.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%. The company had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter in the prior year, the business posted $0.37 EPS. The company's revenue for the quarter was up 54.6% compared to the same quarter last year. Equities research analysts anticipate 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. Investors of record on Thursday, August 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Thursday, August 14th. Coterra Energy's dividend payout ratio is 42.11%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Pickering Energy Partners downgraded Coterra Energy from an "outperform" rating to a "neutral" rating in a report on Tuesday, May 20th. Piper Sandler reaffirmed an "overweight" rating and issued a $37.00 price target (up from $36.00) on shares of Coterra Energy in a research note on Thursday, July 17th. Mizuho lowered their price objective on Coterra Energy from $38.00 to $36.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their target price on shares of Coterra Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Finally, Bank of America decreased their price target on shares of Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.