Envestnet Portfolio Solutions Inc. Sells 26,479 Shares of Coterra Energy Inc. $CTRA

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in Coterra Energy Inc. by 18.6%, selling 26,479 shares and bringing its total holdings to 115,767 shares, valued at approximately $2.94 million.
• Following the sale, several institutional investors increased their positions in Coterra Energy, with Farther Finance Advisors LLC growing by 58.6% and GAMMA Investing LLC growing by 95.8% in the first quarter.
• Coterra Energy announced a quarterly dividend of $0.22 per share, leading to an annualized yield of 3.8% as of August 28th.

Envestnet Portfolio Solutions Inc. lowered its holdings in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 18.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 115,767 shares of the company's stock after selling 26,479 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Coterra Energy were worth $2,938,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTRA. Farther Finance Advisors LLC grew its holdings in Coterra Energy by 58.6% during the first quarter. Farther Finance Advisors LLC now owns 11,978 shares of the company's stock worth $348,000 after purchasing an additional 4,426 shares during the period. GAMMA Investing LLC grew its holdings in Coterra Energy by 95.8% during the first quarter. GAMMA Investing LLC now owns 23,421 shares of the company's stock worth $677,000 after purchasing an additional 11,459 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Coterra Energy by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 51,425 shares of the company's stock worth $1,486,000 after purchasing an additional 1,037 shares during the period. Janney Montgomery Scott LLC grew its holdings in Coterra Energy by 9.4% during the first quarter. Janney Montgomery Scott LLC now owns 251,726 shares of the company's stock worth $7,275,000 after purchasing an additional 21,733 shares during the period. Finally, Sagespring Wealth Partners LLC bought a new position in Coterra Energy during the first quarter worth about $237,000. Institutional investors own 87.92% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Scotiabank cut their price objective on shares of Coterra Energy from $35.00 to $32.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 9th. The Goldman Sachs Group cut their price objective on shares of Coterra Energy from $30.00 to $29.00 and set a "neutral" rating for the company in a research report on Wednesday. UBS Group cut their price objective on shares of Coterra Energy from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Coterra Energy from $33.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley cut their price objective on shares of Coterra Energy from $29.00 to $28.00 and set an "equal weight" rating for the company in a research report on Tuesday. Sixteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $32.50.

Coterra Energy Stock Up 0.0%

NYSE CTRA opened at $23.22 on Thursday. 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 Inc. has a 1-year low of $22.46 and a 1-year high of $29.95. The company has a 50 day moving average of $23.85 and a 200-day moving average of $24.69. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 0.34 and a beta of 0.29.

Coterra Energy (NYSE:CTRA - Get Free Report) last released its quarterly earnings results 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). Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the firm posted $0.37 earnings per share. The firm's quarterly revenue was up 54.6% on a year-over-year basis. On average, equities research analysts expect that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Thursday, August 14th. Coterra Energy's payout ratio 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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