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

Key Points

• HITE Hedge Asset Management LLC dramatically reduced its holdings in Coterra Energy Inc. by 91.3%, selling over 985,000 shares and now owning approximately 94,000 shares valued at $2.7 million.
• Coterra Energy recently reported earnings of $0.48 EPS for the last quarter, missing analyst expectations, while its revenue rose significantly by 54.6% year-over-year.
• The company declared a quarterly dividend of $0.22 per share, reflecting an annualized yield of 3.8%, with the ex-dividend date set for August 14th.

HITE Hedge Asset Management LLC decreased its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 91.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,970 shares of the company's stock after selling 985,812 shares during the quarter. HITE Hedge Asset Management LLC's holdings in Coterra Energy were worth $2,716,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Dark Forest Capital Management LP bought a new stake in Coterra Energy during the fourth quarter valued at $942,000. State of Tennessee Department of Treasury boosted its holdings in shares of Coterra Energy by 7.1% in the 4th quarter. State of Tennessee Department of Treasury now owns 472,799 shares of the company's stock valued at $12,075,000 after buying an additional 31,425 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Coterra Energy in the 4th quarter valued at about $641,000. Allspring Global Investments Holdings LLC grew its position in shares of Coterra Energy by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock valued at $3,577,000 after buying an additional 8,726 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Coterra Energy during the 1st quarter valued at about $233,000. 87.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CTRA has been the topic of a number of recent research reports. Mizuho cut their target price on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a report on Friday, July 11th. Pickering Energy Partners lowered Coterra Energy from an "outperform" rating to a "neutral" rating in a research report on Tuesday, May 20th. Wells Fargo & Company restated an "overweight" rating and set a $33.00 price objective (up from $32.00) on shares of Coterra Energy in a research note on Thursday. Finally, Raymond James Financial set a $38.00 target price on Coterra Energy and gave the stock an "outperform" rating in a research report on Friday, June 13th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $33.37.

Coterra Energy Stock Down 3.3%

CTRA stock opened at $23.24 on Tuesday. The firm's 50-day moving average is $24.91 and its two-hundred day moving average is $25.80. The company has a market capitalization of $17.74 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 0.32 and a beta of 0.33. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $29.95. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29.

Coterra Energy (NYSE:CTRA - Get Free Report) last announced its earnings results 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 the consensus estimate of $1.78 billion. Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%. Coterra Energy's revenue for the quarter was up 54.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 EPS. On average, analysts forecast that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

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

Coterra Energy Company 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.

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