Coterra Energy Inc. $CTRA Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP reduced its holdings in Coterra Energy Inc. by 28.3%, selling 176,304 shares in the first quarter, leaving it with 447,212 shares valued at approximately $12.9 million.
• Coterra Energy reported earnings per share (EPS) of $0.48 for the last quarter, which was below analysts' expectations of $0.50, despite revenue exceeding forecasts with $1.97 billion reported.
• The company declared a quarterly dividend of $0.22 per share, resulting in an annualized dividend of $0.88 and a yield of 3.8%, with a payout ratio of 42.11%.

Korea Investment CORP cut its stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 28.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 447,212 shares of the company's stock after selling 176,304 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Coterra Energy worth $12,924,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CTRA. Cornerstone Planning Group LLC increased its position in shares of Coterra Energy by 175.6% during the first quarter. Cornerstone Planning Group LLC now owns 871 shares of the company's stock worth $25,000 after acquiring an additional 555 shares during the period. Raleigh Capital Management Inc. boosted its stake in shares of Coterra Energy by 463.5% during the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company's stock valued at $26,000 after purchasing an additional 737 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Coterra Energy during the first quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new position in shares of Coterra Energy during the first quarter valued at approximately $34,000. Finally, Investors Research Corp boosted its stake in shares of Coterra Energy by 45.2% during the first quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after purchasing an additional 408 shares in the last quarter. 87.92% of the stock is owned by hedge funds and other institutional investors.

Coterra Energy Stock Performance

Shares of Coterra Energy stock traded up $0.3350 during trading on Friday, hitting $23.7750. 4,496,978 shares of the company's stock were exchanged, compared to its average volume of 6,675,101. 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 business has a 50-day simple moving average of $24.69 and a 200-day simple moving average of $25.67. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95. The stock has a market capitalization of $18.14 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.32 and a beta of 0.33.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%.The business had revenue of $1.97 billion for the quarter, compared to analysts' expectations of $1.78 billion. During the same period last year, the business earned $0.37 EPS. The company's revenue for the quarter was up 54.6% on a year-over-year basis. On average, research analysts forecast that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.7%. Coterra Energy's payout ratio is presently 42.11%.

Analysts Set New Price Targets

CTRA has been the subject of several recent analyst reports. Bank of America lowered their target price on shares of Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Piper Sandler raised their target price on shares of Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Pickering Energy Partners downgraded shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Barclays raised their target price on shares of Coterra Energy from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Finally, UBS Group lowered their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Coterra Energy has an average rating of "Moderate Buy" and a consensus target price of $33.37.

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.