KLP Kapitalforvaltning AS Decreases Stock Position in Coterra Energy Inc. (NYSE:CTRA)

KLP Kapitalforvaltning AS lessened its holdings in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 18.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 600,700 shares of the company's stock after selling 137,000 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.08% of Coterra Energy worth $17,360,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Donald L. Hagan LLC increased its stake in Coterra Energy by 1.1% in the 1st quarter. Donald L. Hagan LLC now owns 35,754 shares of the company's stock worth $1,033,000 after acquiring an additional 401 shares during the last quarter. Investors Research Corp increased its stake in Coterra Energy by 45.2% in the 1st quarter. Investors Research Corp now owns 1,311 shares of the company's stock worth $38,000 after acquiring an additional 408 shares during the last quarter. Saxon Interests Inc. increased its stake in Coterra Energy by 5.1% in the 1st quarter. Saxon Interests Inc. now owns 9,319 shares of the company's stock worth $269,000 after acquiring an additional 451 shares during the last quarter. Tectonic Advisors LLC increased its stake in Coterra Energy by 3.2% in the 1st quarter. Tectonic Advisors LLC now owns 14,834 shares of the company's stock worth $429,000 after acquiring an additional 459 shares during the last quarter. Finally, Procyon Advisors LLC boosted its holdings in shares of Coterra Energy by 3.6% in the 1st quarter. Procyon Advisors LLC now owns 13,460 shares of the company's stock worth $389,000 after purchasing an additional 469 shares during the period. Institutional investors own 87.92% of the company's stock.

Wall Street Analyst Weigh In

CTRA has been the subject of a number of recent research reports. Wells Fargo & Company dropped their target price on Coterra Energy from $33.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Susquehanna dropped their price objective on Coterra Energy from $34.00 to $32.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. UBS Group dropped their price objective on Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a report on Friday, May 9th. 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 report on Tuesday, April 29th. Finally, Pickering Energy Partners cut Coterra Energy from an "outperform" rating to a "neutral" rating in a report on Tuesday, May 20th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Coterra Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.16.

Coterra Energy Price Performance

CTRA stock traded down $0.15 during mid-day trading on Friday, reaching $23.62. 3,329,312 shares of the company's stock were exchanged, compared to its average volume of 6,472,500. The company has a market cap of $18.02 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 0.32 and a beta of 0.35. The stock's 50 day moving average is $25.18 and its 200 day moving average is $26.33. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.90 and a quick ratio of 0.86. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.09. The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $1.92 billion. Coterra Energy had a return on equity of 10.61% and a net margin of 21.67%. Coterra Energy's revenue for the quarter was up 32.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.51 earnings per share. On average, research analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.73%. Coterra Energy's dividend payout ratio is currently 51.16%.

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.