Coterra Energy Inc. $CTRA Shares Purchased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management increased its stake in Coterra Energy (NYSE:CTRA) by 308.9% in Q3, buying 1,784,967 shares to hold 2,362,900 shares (about $55.9M), which represents ~3.0% of HITE’s portfolio and is its 11th-largest position.
• Coterra declared a quarterly dividend of $0.22 (annualized $0.88, yield ~2.8%; ex-dividend March 11, payable March 25), and analysts have a consensus "Moderate Buy" with an average price target of $34.29 (14 Buys, 8 Holds, 1 Sell).

HITE Hedge Asset Management LLC increased its position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 308.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,362,900 shares of the company's stock after purchasing an additional 1,784,967 shares during the quarter. Coterra Energy makes up approximately 3.0% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 11th largest position. HITE Hedge Asset Management LLC owned about 0.31% of Coterra Energy worth $55,883,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Winnow Wealth LLC purchased a new position in Coterra Energy in the 3rd quarter valued at $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Coterra Energy during the third quarter worth $29,000. Tobam grew its holdings in shares of Coterra Energy by 50.9% during the second quarter. Tobam now owns 1,823 shares of the company's stock worth $46,000 after buying an additional 615 shares in the last quarter. Bogart Wealth LLC raised its position in shares of Coterra Energy by 97.8% in the third quarter. Bogart Wealth LLC now owns 2,022 shares of the company's stock valued at $48,000 after buying an additional 1,000 shares during the last quarter. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Coterra Energy in the second quarter worth about $50,000. 87.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTRA has been the topic of a number of recent research reports. Wolfe Research boosted their price target on shares of Coterra Energy from $33.00 to $40.00 in a research report on Tuesday, February 3rd. TD Cowen cut their price objective on shares of Coterra Energy from $33.00 to $32.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Texas Capital lowered shares of Coterra Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday. Roth Mkm set a $28.00 target price on Coterra Energy and gave the stock a "neutral" rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings upgraded Coterra Energy from a "hold (c+)" rating to a "buy (b)" rating in a research report on Monday, March 2nd. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Coterra Energy has a consensus rating of "Moderate Buy" and an average price target of $34.29.

Coterra Energy Price Performance

Coterra Energy stock opened at $31.99 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $28.90 and a 200 day moving average price of $26.28. Coterra Energy Inc. has a 12-month low of $22.33 and a 12-month high of $32.67. The stock has a market cap of $24.29 billion, a P/E ratio of 14.03, a PEG ratio of 0.78 and a beta of 0.38.

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.22 per share. The ex-dividend date is Wednesday, March 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Coterra Energy's dividend payout ratio (DPR) is currently 38.60%.

Coterra Energy Profile

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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