Korea Investment CORP Buys 256,613 Shares of Coterra Energy Inc. $CTRA

Key Points

• Korea Investment CORP boosted its stake in Coterra Energy by 25.3% in Q3, buying 256,613 shares to hold 1,270,634 shares (about 0.17% of the company) valued at approximately $30.05 million.
• Coterra announced a quarterly dividend of $0.22 per share (ex-dividend date Mar 11, payable Mar 25), equivalent to an annualized $0.88 and a ~2.8% yield with a payout ratio of 38.6%.
• The stock carries a consensus analyst rating of "Moderate Buy" with a consensus target price of $34 (15 Buys, 7 Holds, 1 Sell) and several recent price-target upgrades from firms including Mizuho and UBS.

Korea Investment CORP increased its position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 25.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,270,634 shares of the company's stock after buying an additional 256,613 shares during the quarter. Korea Investment CORP owned 0.17% of Coterra Energy worth $30,050,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KCM Investment Advisors LLC raised its holdings in Coterra Energy by 15.1% in the 2nd quarter. KCM Investment Advisors LLC now owns 8,882 shares of the company's stock valued at $225,000 after acquiring an additional 1,166 shares in the last quarter. Metis Global Partners LLC increased its position in shares of Coterra Energy by 4.3% during the second quarter. Metis Global Partners LLC now owns 40,609 shares of the company's stock valued at $1,031,000 after purchasing an additional 1,661 shares during the period. AE Wealth Management LLC increased its position in shares of Coterra Energy by 15.0% during the second quarter. AE Wealth Management LLC now owns 9,861 shares of the company's stock valued at $250,000 after purchasing an additional 1,285 shares during the period. Aviva PLC raised its stake in shares of Coterra Energy by 1,943.1% in the second quarter. Aviva PLC now owns 567,807 shares of the company's stock valued at $14,411,000 after purchasing an additional 540,016 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Coterra Energy by 10.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,474,728 shares of the company's stock valued at $37,429,000 after purchasing an additional 133,824 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors.

Coterra Energy Price Performance

Shares of CTRA stock opened at $31.16 on Tuesday. The stock's fifty day simple moving average is $28.61 and its 200 day simple moving average is $26.16. Coterra Energy Inc. has a one year low of $22.33 and a one year high of $32.67. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 13.67, a P/E/G ratio of 0.77 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.19 and a quick ratio of 1.16.

Coterra Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Coterra Energy's dividend payout ratio (DPR) is presently 38.60%.

Analyst Ratings Changes

Several research analysts recently commented on CTRA shares. Mizuho raised their target price on Coterra Energy from $33.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, January 15th. Scotiabank restated a "sector perform" rating and issued a $31.00 price objective on shares of Coterra Energy in a research note on Tuesday, February 3rd. UBS Group raised their price objective on shares of Coterra Energy from $33.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Stephens lifted their target price on shares of Coterra Energy from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Thursday, January 29th. Finally, TD Cowen lowered their target price on shares of Coterra Energy from $33.00 to $32.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Coterra Energy currently has an average rating of "Moderate Buy" and a consensus target price of $34.00.

About Coterra Energy

Coterra Energy NYSE: CTRA is an independent oil and natural gas exploration and production company focused on the development, production and optimization of onshore hydrocarbon resources in the United States. The company’s operations center on the exploration, drilling, completion and production of crude oil, natural gas and natural gas liquids (NGLs), with an emphasis on maximizing operational efficiency and capital discipline across its asset base.

Its business activities include identifying and developing resource-rich acreage, operating producing wells, managing reservoir performance and marketing produced hydrocarbons to a range of midstream and energy customers.

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