Coterra Energy Inc. $CTRA Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company decreased its holdings in Coterra Energy Inc. by 5.2%, selling 36,726 shares during the first quarter, while still owning 672,147 shares worth approximately $19.4 million.
• Coterra Energy is experiencing mixed analyst ratings with fourteen analysts
• For the last quarter, Coterra Energy's earnings per share were $0.48, slightly below estimates, but its revenue rose 54.6% year-over-year, totaling $1.97 billion.

The Manufacturers Life Insurance Company lowered its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 672,147 shares of the company's stock after selling 36,726 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of Coterra Energy worth $19,425,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CTRA. Wellington Management Group LLP grew 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 period. Vanguard Group Inc. boosted its stake in Coterra Energy by 4.3% during the first quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company's stock worth $2,668,559,000 after buying an additional 3,818,700 shares during the period. Pacer Advisors Inc. boosted its stake in Coterra Energy by 5,145.4% during the first quarter. Pacer Advisors Inc. now owns 3,100,064 shares of the company's stock worth $89,592,000 after buying an additional 3,040,963 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Coterra Energy during the fourth quarter worth about $57,877,000. Finally, Nuveen LLC purchased a new position in Coterra Energy during the first quarter worth about $64,173,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Down 1.8%

NYSE:CTRA traded down $0.45 during mid-day trading on Friday, hitting $23.95. The stock had a trading volume of 5,632,662 shares, compared to its average volume of 5,174,902. The stock has a 50-day simple moving average of $24.24 and a two-hundred day simple moving average of $25.43. The company has a market capitalization of $18.27 billion, a PE ratio of 11.46, a PEG ratio of 0.32 and a beta of 0.34. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month 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 issued its earnings results on Monday, August 4th. The company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.78 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. The firm's revenue was up 54.6% compared to the same quarter last year. During the same period last year, the business earned $0.37 EPS. On average, equities research analysts anticipate that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were issued 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 3.7%. Coterra Energy's dividend payout ratio (DPR) is presently 42.11%.

Analyst Upgrades and Downgrades

CTRA has been the subject of several research analyst reports. Piper Sandler increased their target price on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Wells Fargo & Company increased their target price on shares of Coterra Energy from $32.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Pickering Energy Partners lowered shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Barclays increased 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. Finally, Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Fourteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Coterra Energy presently has an average rating of "Moderate Buy" and a consensus price target of $33.61.

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.