Resona Asset Management Co. Ltd. Has $6.54 Million Position in Coterra Energy Inc. $CTRA

Key Points

• Resona Asset Management Co. Ltd. raised its stake in Coterra Energy Inc. (NYSE:CTRA) by 5.5% during the 1st quarter, increasing its holdings to 226,498 shares valued at approximately $6.54 million.
• Coterra Energy reported $1.97 billion in revenue for the quarter, significantly exceeding analyst estimates of $1.78 billion, despite a slight miss in earnings per share.
• The company declared a quarterly dividend of $0.22 per share, resulting in an annualized dividend yield of 3.7%, with a dividend payout ratio of 42.11%.

Resona Asset Management Co. Ltd. grew its stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,498 shares of the company's stock after acquiring an additional 11,887 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Coterra Energy were worth $6,536,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CTRA. Cornerstone Planning Group LLC lifted its position in shares of Coterra Energy by 175.6% during the first quarter. Cornerstone Planning Group LLC now owns 871 shares of the company's stock worth $25,000 after purchasing an additional 555 shares during the last quarter. Raleigh Capital Management Inc. lifted its holdings in Coterra Energy by 463.5% during the 1st quarter. Raleigh Capital Management Inc. now owns 896 shares of the company's stock worth $26,000 after buying an additional 737 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Coterra Energy in the 1st quarter worth approximately $29,000. Wayfinding Financial LLC bought a new stake in shares of Coterra Energy in the 1st quarter valued at approximately $34,000. Finally, Investors Research Corp increased its holdings in shares of Coterra Energy by 45.2% in the 1st quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after acquiring an additional 408 shares during the last quarter. Institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Down 0.5%

CTRA traded down $0.1050 during trading on Tuesday, hitting $23.1350. The company had a trading volume of 1,799,110 shares, compared to its average volume of 7,075,930. The company has a market capitalization of $17.66 billion, a PE ratio of 11.05, a PEG ratio of 0.32 and a beta of 0.33. The firm's 50-day moving average price is $24.91 and its 200 day moving average price is $25.80. 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 Inc. has a one year low of $22.30 and a one year high of $29.95.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its quarterly 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 company had revenue of $1.97 billion for 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 business's revenue for the quarter was up 54.6% on a year-over-year basis. During the same period last year, the company posted $0.37 earnings per share. As a group, equities analysts expect that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Announces Dividend

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

Analyst Upgrades and Downgrades

CTRA has been the subject of several research reports. Piper Sandler lifted their price target on shares of Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a report on Thursday. UBS Group dropped their target price on Coterra Energy from $32.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a report on Friday, July 11th. Susquehanna dropped their price target on shares of Coterra Energy from $34.00 to $32.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Finally, Bank of America reduced their price objective on shares of Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.37.

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.