Clark Capital Management Group Inc. Sells 280,879 Shares of Coterra Energy Inc. $CTRA

Key Points

• Clark Capital Management Group Inc. reduced its holdings in Coterra Energy Inc. by 17.4%, selling 280,879 shares during the first quarter, leaving it with a total of 1,334,915 shares.
• Institutional investors collectively own 87.92% of Coterra Energy's stock, with several firms significantly increasing their positions in the company during the same period.
• Coterra Energy reported a quarterly earnings per share (EPS) of $0.48, missing analyst estimates, while revenue increased 54.6% year-over-year to $1.97 billion.

Clark Capital Management Group Inc. lessened its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 17.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,334,915 shares of the company's stock after selling 280,879 shares during the period. Clark Capital Management Group Inc. owned about 0.17% of Coterra Energy worth $38,579,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CTRA. Cornerstone Planning Group LLC increased its stake in shares of 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 buying an additional 555 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Coterra Energy by 463.5% in the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company's stock worth $26,000 after buying an additional 737 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in Coterra Energy during the first quarter valued at $29,000. Wayfinding Financial LLC bought a new stake in Coterra Energy during the first quarter valued at $34,000. Finally, Investors Research Corp increased its stake in 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 purchasing an additional 408 shares during the last quarter. Institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Up 1.5%

NYSE:CTRA traded up $0.37 during mid-day trading on Wednesday, reaching $24.22. The stock had a trading volume of 1,579,982 shares, compared to its average volume of 6,913,268. The business's 50 day moving average is $24.18 and its 200 day moving average is $25.37. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $29.95. The stock has a market cap of $18.48 billion, a P/E ratio of 11.59, a PEG ratio of 0.32 and a beta of 0.34. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08.

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

Coterra Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.6%. Coterra Energy's dividend payout ratio is presently 42.11%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Mizuho lowered their target price on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Barclays upped their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Wells Fargo & Company upped their price objective on shares of Coterra Energy from $32.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $31.00 price target on shares of Coterra Energy in a report on Tuesday, July 1st. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Coterra Energy presently has an average rating of "Moderate Buy" and an average price target of $33.61.

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.