National Bank of Canada FI Sells 831,168 Shares of Coterra Energy Inc. (NYSE:CTRA)

Key Points

• National Bank of Canada FI reduced its stake in Coterra Energy by 59.9%, selling 831,168 shares, leaving it with 556,116 shares worth approximately $16 million.
• Coterra Energy's recent earnings report indicated earnings of $0.48 per share, missing the consensus estimate by $0.02, although revenue increased by 54.6% year-over-year.
• The company announced a quarterly dividend of $0.22 per share, representing an annualized yield of 3.7% with an upcoming payment date set for August 28th.

National Bank of Canada FI reduced its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 59.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 556,116 shares of the company's stock after selling 831,168 shares during the quarter. National Bank of Canada FI owned 0.07% of Coterra Energy worth $16,072,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CTRA. Cornerstone Planning Group LLC grew its position in shares of Coterra Energy by 175.6% during the 1st quarter. Cornerstone Planning Group LLC now owns 871 shares of the company's stock valued at $25,000 after acquiring an additional 555 shares during the period. Raleigh Capital Management Inc. lifted its stake in Coterra Energy by 463.5% in 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 during the last quarter. Banque Cantonale Vaudoise bought a new position in Coterra Energy during the first quarter valued at $29,000. Wayfinding Financial LLC purchased a new stake in Coterra Energy in the first quarter worth $34,000. Finally, Investors Research Corp raised its stake in shares of Coterra Energy by 45.2% in the first quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after buying an additional 408 shares during the period. Institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Down 0.3%

Shares of NYSE CTRA opened at $23.95 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $25.05 and a 200-day moving average of $25.94. The firm has a market capitalization of $18.28 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.32 and a beta of 0.33. 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 announced 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). The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.78 billion. Coterra Energy had a net margin of 23.80% and a return on equity of 10.99%. The company's revenue for the quarter 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. 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 company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Thursday, August 14th. Coterra Energy's dividend payout ratio is currently 42.11%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Bank of America cut their price target 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. Susquehanna lowered their price target on shares of Coterra Energy from $34.00 to $32.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Barclays raised their price objective 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. Morgan Stanley set a $28.00 target price on shares of Coterra Energy in a report on Tuesday, April 15th. Finally, Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. 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 company's stock. According to MarketBeat, Coterra Energy has an average rating of "Moderate Buy" and an average target price of $33.16.

About Coterra Energy

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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