Mackenzie Financial Corp Has $21.96 Million Position in Coterra Energy Inc. (NYSE:CTRA)

Key Points

• Mackenzie Financial Corp reduced its stake in Coterra Energy by 3.2%, owning 759,760 shares worth approximately $21.96 million as of the latest SEC filing.
• Coterra Energy reported Q1 earnings of $0.80 per share, surpassing analysts' expectations of $0.71, while its revenue was $924 million, showing a 32.9% increase from the previous year.
• The company announced a quarterly dividend of $0.22, representing an annualized yield of 3.62% with a payout ratio of 51.16%.

Mackenzie Financial Corp lessened its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 759,760 shares of the company's stock after selling 24,999 shares during the period. Mackenzie Financial Corp owned approximately 0.10% of Coterra Energy worth $21,957,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sterling Capital Management LLC lifted its holdings in shares of Coterra Energy by 5,744.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,661,696 shares of the company's stock valued at $93,520,000 after purchasing an additional 3,599,042 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Coterra Energy by 5,145.4% in the 1st quarter. Pacer Advisors Inc. now owns 3,100,064 shares of the company's stock worth $89,592,000 after acquiring an additional 3,040,963 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Coterra Energy by 117.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 4,817,375 shares of the company's stock worth $123,036,000 after acquiring an additional 2,600,801 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Coterra Energy in the 4th quarter worth about $57,877,000. Finally, Man Group plc lifted its stake in Coterra Energy by 81.4% in the 4th quarter. Man Group plc now owns 4,842,621 shares of the company's stock worth $123,681,000 after acquiring an additional 2,172,931 shares in the last quarter. Institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Performance

Shares of NYSE:CTRA traded up $0.12 during trading on Thursday, hitting $24.41. 10,990,243 shares of the stock were exchanged, compared to its average volume of 6,033,681. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.95. The company has a market capitalization of $18.63 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 0.33 and a beta of 0.35. The company's fifty day simple moving average is $25.15 and its 200-day simple moving average is $26.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.90.

Coterra Energy (NYSE:CTRA - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.09. Coterra Energy had a return on equity of 10.61% and a net margin of 21.67%. The company had revenue of $924.00 million for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter last year, the firm earned $0.51 EPS. Coterra Energy's revenue for the quarter was up 32.9% compared to the same quarter last year. Sell-side analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.6%. The ex-dividend date was Thursday, May 15th. Coterra Energy's dividend payout ratio is currently 51.16%.

Analysts Set New Price Targets

CTRA has been the subject of several research analyst reports. Morgan Stanley set a $28.00 price objective on Coterra Energy in a research note on Tuesday, April 15th. Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a research note on Friday, July 11th. Pickering Energy Partners downgraded Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Bank of America dropped their target price on Coterra Energy from $34.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $37.00 target price (up from $36.00) on shares of Coterra Energy in a research report on Thursday, July 17th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.16.

Coterra Energy 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.