DAVENPORT & Co LLC Sells 11,058 Shares of Coterra Energy Inc. $CTRA

Key Points

• DAVENPORT & Co LLC has reduced its stake in Coterra Energy Inc. by 1.5%, owning 718,600 shares valued at $18.24 million after selling 11,058 shares in the second quarter.
• Other institutional investors have increased their positions, with Wellington Management Group growing its holdings by 15.3% to over 83 million shares, highlighting a strong interest in Coterra Energy.
• Coterra Energy reported a decrease in earnings per share to $0.48, below the consensus estimate of $0.50, but saw a significant revenue increase of 54.6% compared to the previous year.

DAVENPORT & Co LLC lowered its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 718,600 shares of the company's stock after selling 11,058 shares during the period. DAVENPORT & Co LLC owned 0.09% of Coterra Energy worth $18,238,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP grew its holdings in shares of Coterra Energy by 15.3% during 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 buying an additional 11,102,350 shares during the last quarter. Vanguard Group Inc. lifted its position in Coterra Energy by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company's stock valued at $2,668,559,000 after acquiring an additional 3,818,700 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Coterra Energy by 5,145.4% during the 1st quarter. Pacer Advisors Inc. now owns 3,100,064 shares of the company's stock valued at $89,592,000 after purchasing an additional 3,040,963 shares during the last quarter. Truist Financial Corp boosted its stake in Coterra Energy by 165.3% during the 2nd quarter. Truist Financial Corp now owns 4,213,315 shares of the company's stock valued at $106,934,000 after purchasing an additional 2,625,126 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Coterra Energy during the 1st quarter worth approximately $64,173,000. Institutional investors and hedge funds own 87.92% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Piper Sandler raised their target price on Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. The Goldman Sachs Group restated a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a research note on Tuesday, July 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coterra Energy in a report on Saturday, September 27th. Scotiabank reiterated an "outperform" rating on shares of Coterra Energy in a research note on Friday, July 11th. Finally, Raymond James Financial reissued an "outperform" rating and set a $34.00 price target (down from $38.00) on shares of Coterra Energy in a research report on Thursday, September 11th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.22.

Coterra Energy Trading Up 2.4%

Shares of Coterra Energy stock opened at $23.85 on Tuesday. The firm has a market cap of $18.20 billion, a PE ratio of 11.41, a P/E/G ratio of 0.33 and a beta of 0.29. Coterra Energy Inc. has a 1 year low of $22.46 and a 1 year high of $29.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08. The stock has a fifty day moving average price of $23.93 and a 200-day moving average price of $24.90.

Coterra Energy (NYSE:CTRA - Get Free Report) last posted its quarterly 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 company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.78 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. Coterra Energy's quarterly revenue was up 54.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS. Equities research analysts anticipate that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, August 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.7%. Coterra Energy's dividend payout ratio (DPR) is presently 42.11%.

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.

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