OLD National Bancorp IN Boosts Holdings in Coterra Energy Inc. $CTRA

Key Points

• OLD National Bancorp IN increased its stake in Coterra Energy Inc. by 10.3%, now owning 403,763 shares valued at approximately $10.25 million.
• Coterra Energy reported earnings of $0.48 per share, missing estimates by $0.02, but exceeded revenue expectations with $1.97 billion for the quarter.
• The company declared a quarterly dividend of $0.22 per share, representing an annualized yield of 3.8%.

OLD National Bancorp IN boosted its position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 10.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 403,763 shares of the company's stock after acquiring an additional 37,859 shares during the period. OLD National Bancorp IN owned 0.05% of Coterra Energy worth $10,248,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its stake in 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 purchasing an additional 555 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in Coterra Energy by 463.5% during the 1st 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 acquired a new position in Coterra Energy during the 1st quarter valued at approximately $29,000. Wayfinding Financial LLC acquired a new position in Coterra Energy during the 1st quarter valued at approximately $34,000. Finally, Catalyst Capital Advisors LLC acquired a new position in Coterra Energy during the 1st quarter valued at approximately $46,000. Hedge funds and other institutional investors own 87.92% of the company's stock.

Coterra Energy Stock Performance

Shares of NYSE CTRA opened at $23.30 on Friday. The company's fifty day moving average price is $23.93 and its 200 day moving average price is $24.96. Coterra Energy Inc. has a 1 year low of $22.46 and a 1 year high of $29.95. The company has a market capitalization of $17.78 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 0.33 and a beta of 0.29. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13.

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

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.8%. Coterra Energy's dividend payout ratio is 42.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CTRA shares. Wells Fargo & Company upped their price target on shares of Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Piper Sandler increased their price objective on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $31.00 price objective on shares of Coterra Energy in a research note on Tuesday, July 1st. Raymond James Financial reiterated an "outperform" rating and issued a $34.00 price objective (down previously from $38.00) on shares of Coterra Energy in a research note on Thursday, September 11th. Finally, Mizuho cut their price objective on shares of Coterra Energy from $36.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Fourteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Coterra Energy has an average rating of "Moderate Buy" and a consensus price target of $33.22.

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.

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