King Luther Capital Management Corp Boosts Position in Coterra Energy Inc. (NYSE:CTRA)

Key Points

• King Luther Capital Management Corp increased its stake in Coterra Energy Inc. by 2.2%, bringing their total ownership to nearly 6.9 million shares valued at $199.6 million.
• Coterra Energy reported earnings of $0.48 per share for the last quarter, slightly missing analysts' estimates, but their revenue rose significantly to $1.97 billion, up 54.6% year-over-year.
• The company announced a quarterly dividend of $0.22 per share, which equates to an annual yield of 3.7% and a payout ratio of 42.11%.

King Luther Capital Management Corp raised its stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,907,619 shares of the company's stock after purchasing an additional 146,166 shares during the period. King Luther Capital Management Corp owned 0.90% of Coterra Energy worth $199,630,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Coterra Energy by 4.3% during the first quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company's stock valued at $2,668,559,000 after purchasing an additional 3,818,700 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Coterra Energy by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 25,304,940 shares of the company's stock valued at $731,313,000 after purchasing an additional 1,837,614 shares during the period. Victory Capital Management Inc. grew its holdings in Coterra Energy by 5.7% during the first quarter. Victory Capital Management Inc. now owns 18,828,688 shares of the company's stock valued at $544,149,000 after purchasing an additional 1,019,995 shares during the period. Invesco Ltd. grew its holdings in Coterra Energy by 1.2% during the first quarter. Invesco Ltd. now owns 12,384,728 shares of the company's stock valued at $357,919,000 after purchasing an additional 152,244 shares during the period. Finally, Northern Trust Corp grew its holdings in Coterra Energy by 7.0% during the fourth quarter. Northern Trust Corp now owns 8,777,764 shares of the company's stock valued at $224,184,000 after purchasing an additional 571,193 shares during the period. Institutional investors own 87.92% of the company's stock.

Coterra Energy Price Performance

Shares of Coterra Energy stock opened at $24.01 on Friday. The stock has a 50 day moving average of $25.08 and a 200 day moving average of $26.00. Coterra Energy Inc. has a 12 month low of $22.30 and a 12 month high of $29.95. The firm has a market cap of $18.32 billion, a PE ratio of 11.49, a PEG ratio of 0.32 and a beta of 0.33. The company has a current ratio of 1.13, a quick ratio of 0.86 and a debt-to-equity ratio of 0.29.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.48 earnings per share (EPS) 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 company had revenue of $1.97 billion for the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter last year, the company earned $0.37 earnings per share. The company's revenue for the quarter was up 54.6% on a year-over-year basis. On average, research 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 will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.7%. Coterra Energy's dividend payout ratio is 42.11%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays boosted their price target on Coterra Energy from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Morgan Stanley set a $28.00 price objective on Coterra Energy in a research note on Tuesday, April 15th. Scotiabank reaffirmed an "outperform" rating on shares of Coterra Energy in a research note on Friday, July 11th. Susquehanna dropped their price objective on Coterra Energy from $34.00 to $32.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Finally, Bank of America dropped their price objective on Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Coterra Energy currently has a consensus rating of "Moderate Buy" and an average target price of $33.16.

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.

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