Goldman Sachs Group Inc. Acquires 536,167 Shares of Coterra Energy Inc. $CTRA

Key Points

• Goldman Sachs Group Inc. increased its stake in Coterra Energy Inc. by 12.8%, owning 4,740,430 shares valued at approximately $137 million.
• Coterra Energy reported earnings of $0.48 per share for the last quarter, missing estimates by $0.02, but saw a significant year-over-year revenue increase of 54.6% to $1.97 billion.
• The company announced a quarterly dividend of $0.22 per share, providing a yield of 3.6%, with a dividend payout ratio currently at 42.11%.

Goldman Sachs Group Inc. raised its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,740,430 shares of the company's stock after purchasing an additional 536,167 shares during the period. Goldman Sachs Group Inc. owned 0.62% of Coterra Energy worth $136,998,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in Coterra Energy by 7.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock valued at $3,577,000 after purchasing an additional 8,726 shares in the last quarter. Vontobel Holding Ltd. acquired a new position in shares of Coterra Energy during the first quarter valued at about $233,000. Janney Montgomery Scott LLC grew its holdings in shares of Coterra Energy by 9.4% during the first quarter. Janney Montgomery Scott LLC now owns 251,726 shares of the company's stock valued at $7,275,000 after buying an additional 21,733 shares during the last quarter. Spire Wealth Management grew its holdings in shares of Coterra Energy by 428.6% during the first quarter. Spire Wealth Management now owns 2,294 shares of the company's stock valued at $66,000 after buying an additional 1,860 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Coterra Energy by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 86,307 shares of the company's stock valued at $2,494,000 after buying an additional 2,325 shares during the last quarter. 87.92% of the stock is owned by institutional investors.

Coterra Energy Stock Performance

CTRA traded down $0.01 during midday trading on Friday, reaching $24.36. The company had a trading volume of 4,146,724 shares, compared to its average volume of 5,107,425. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13. The stock has a market cap of $18.59 billion, a PE ratio of 11.66, a P/E/G 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 business has a 50-day moving average price of $24.14 and a two-hundred day moving average price of $25.30.

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

Coterra Energy Dividend Announcement

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. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.6%. Coterra Energy's payout ratio is 42.11%.

Wall Street Analyst Weigh In

CTRA has been the subject of a number of analyst reports. Pickering Energy Partners cut shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a report on Tuesday, May 20th. Raymond James Financial reiterated an "outperform" rating and set a $34.00 price objective (down from $38.00) on shares of Coterra Energy in a report on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a report on Tuesday, July 1st. Wells Fargo & Company lifted their price objective on shares of Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Barclays boosted their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.39.

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.