Royal Bank of Canada Buys 201,964 Shares of Coterra Energy Inc. $CTRA

Key Points

• Royal Bank of Canada increased its stake in Coterra Energy by 5.6%, now owning approximately 0.50% of the company, which is valued at $110.7 million.
• The company reported a net margin of 23.80% with a quarterly revenue of $1.97 billion, surpassing analysts' expectations of $1.78 billion.
• Coterra Energy announced a quarterly dividend of $0.22 per share, with an annualized dividend yield of 3.7%.

Royal Bank of Canada grew its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,830,864 shares of the company's stock after purchasing an additional 201,964 shares during the period. Royal Bank of Canada owned about 0.50% of Coterra Energy worth $110,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CTRA. Wellington Management Group LLP raised its holdings in shares of Coterra Energy by 15.3% in the first quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company's stock valued at $2,416,939,000 after purchasing an additional 11,102,350 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Coterra Energy by 4.3% in the first quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company's stock valued at $2,668,559,000 after purchasing an additional 3,818,700 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Coterra Energy by 5,145.4% in the first quarter. Pacer Advisors Inc. now owns 3,100,064 shares of the company's stock valued at $89,592,000 after purchasing an additional 3,040,963 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Coterra Energy in the fourth quarter valued at about $57,877,000. Finally, Nuveen LLC purchased a new stake in shares of Coterra Energy in the first quarter valued at about $64,173,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CTRA. 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 report on Tuesday, May 13th. The Goldman Sachs Group restated a "neutral" rating and set a $31.00 price target on shares of Coterra Energy in a research report on Tuesday, July 1st. Pickering Energy Partners lowered shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research report on Tuesday, May 20th. Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Finally, Piper Sandler increased their price target on shares of Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Fourteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Coterra Energy currently has a consensus rating of "Moderate Buy" and an average price target of $33.61.

Coterra Energy Price Performance

NYSE:CTRA traded down $0.45 during mid-day trading on Friday, hitting $23.95. 5,632,662 shares of the stock traded hands, compared to its average volume of 5,174,902. The business's 50-day moving average price is $24.24 and its 200 day moving average price is $25.43. The company has a market cap of $18.27 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.32 and a beta of 0.34. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95. 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 quarterly earnings data on Monday, August 4th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.97 billion for 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 revenue was up 54.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.37 EPS. On average, analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current fiscal 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 was Thursday, August 14th. This represents a $0.88 annualized dividend and a yield of 3.7%. Coterra Energy's payout ratio is presently 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.