Zurich Insurance Group Ltd FI Sells 1,715,667 Shares of Coterra Energy Inc. $CTRA

Key Points

• Zurich Insurance Group Ltd FI cut its stake in Coterra Energy by 75.7% in the first quarter, holding 550,450 shares post-sale, valued at $15.9 million.
• Institutional investors own 87.92% of Coterra Energy, with several firms increasing their positions during the same quarter.
• Coterra Energy reported $1.97 billion in revenue for the last quarter, exceeding analyst expectations and representing a 54.6% year-over-year increase.

Zurich Insurance Group Ltd FI lessened its stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 75.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 550,450 shares of the company's stock after selling 1,715,667 shares during the period. Zurich Insurance Group Ltd FI owned about 0.07% of Coterra Energy worth $15,908,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings 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 last quarter. Wellington Management Group LLP increased its holdings in Coterra Energy by 15.3% during the first quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company's stock worth $2,416,939,000 after buying an additional 11,102,350 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Coterra Energy by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 25,304,940 shares of the company's stock worth $731,313,000 after buying an additional 1,837,614 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Coterra Energy by 5.7% during the first quarter. Victory Capital Management Inc. now owns 18,828,688 shares of the company's stock worth $544,149,000 after buying an additional 1,019,995 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Coterra Energy by 1.2% during the first quarter. Invesco Ltd. now owns 12,384,728 shares of the company's stock worth $357,919,000 after buying an additional 152,244 shares during the last quarter. Hedge funds and other institutional investors own 87.92% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler lifted 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 lifted 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. The Goldman Sachs Group reiterated a "neutral" rating and issued a $31.00 target price on shares of Coterra Energy in a research note on Tuesday, July 1st. Barclays lifted their target price on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Finally, Pickering Energy Partners downgraded shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Fourteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.39.

Coterra Energy Price Performance

NYSE:CTRA traded down $0.01 during mid-day trading on Friday, hitting $24.36. 4,146,724 shares of the stock traded hands, compared to its average volume of 5,107,425. The business's 50-day moving average price is $24.14 and its 200 day moving average price is $25.31. The company has a market cap of $18.59 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 0.34 and a beta of 0.34. Coterra Energy Inc. has a 12-month low of $22.46 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 announced its quarterly earnings data on Monday, August 4th. The company reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The business had revenue of $1.97 billion during 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 company's revenue was up 54.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 earnings per share. On average, analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Thursday, August 14th. Coterra Energy's payout ratio is presently 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.