Northern Trust Corp Trims Stake in Coterra Energy Inc. $CTRA

Key Points

• Northern Trust Corp reduced its stake in Coterra Energy by 0.2%, holding approximately 8.76 million shares valued at $253.22 million as of the end of the first quarter.
• Several research firms have updated their price targets for Coterra Energy, with Wells Fargo raising their target to $33.00 and Barclays increasing theirs to $37.00, while the stock has an average rating of "Moderate Buy" and a target price of $33.37.
• Coterra Energy announced a quarterly dividend of $0.22 per share, equating to an annual yield of 3.8%, with a payout ratio of 42.11%.

Northern Trust Corp reduced its holdings in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 0.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,761,982 shares of the company's stock after selling 15,782 shares during the period. Northern Trust Corp owned approximately 1.15% of Coterra Energy worth $253,221,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position 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. raised its position 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. raised its position 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. raised its position 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, Dimensional Fund Advisors LP raised its position in Coterra Energy by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 10,448,823 shares of the company's stock valued at $301,940,000 after purchasing an additional 90,103 shares during the period. 87.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTRA has been the topic of a number of recent research reports. Piper Sandler upped their price objective on Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Pickering Energy Partners downgraded Coterra Energy from an "outperform" rating to a "neutral" rating in a research report on Tuesday, May 20th. Wells Fargo & Company upped their price objective on Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Raymond James Financial set a $38.00 price objective on Coterra Energy and gave the company an "outperform" rating in a research report on Friday, June 13th. Finally, UBS Group decreased their price target on 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 investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Coterra Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.37.

Coterra Energy Trading Up 1.4%

Shares of NYSE CTRA traded up $0.3350 during mid-day trading on Friday, reaching $23.7750. The company had a trading volume of 4,496,978 shares, compared to its average volume of 6,616,784. The business's 50-day moving average is $24.69 and its 200-day moving average is $25.68. 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 stock has a market cap of $18.14 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 0.32 and a beta of 0.33. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $29.95.

Coterra Energy (NYSE:CTRA - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.02). The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.78 billion. Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%.The company's revenue for the quarter was up 54.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. Equities analysts expect that Coterra Energy Inc. will post 1.54 earnings per share 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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.7%. The ex-dividend date is Thursday, August 14th. Coterra Energy's dividend payout ratio (DPR) is presently 42.11%.

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.