OLD National Bancorp IN Raises Stake in Coterra Energy Inc. (NYSE:CTRA)

OLD National Bancorp IN raised its holdings in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 8.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 365,904 shares of the company's stock after buying an additional 27,998 shares during the period. OLD National Bancorp IN's holdings in Coterra Energy were worth $10,575,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CTRA. Dark Forest Capital Management LP purchased a new position in Coterra Energy during the 4th quarter worth $942,000. State of Tennessee Department of Treasury lifted its position in shares of Coterra Energy by 7.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 472,799 shares of the company's stock valued at $12,075,000 after purchasing an additional 31,425 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Coterra Energy during the fourth quarter worth about $641,000. Intech Investment Management LLC grew its position in Coterra Energy by 56.7% in the 4th quarter. Intech Investment Management LLC now owns 67,858 shares of the company's stock worth $1,733,000 after purchasing an additional 24,560 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Coterra Energy by 3.9% in the 4th quarter. Allworth Financial LP now owns 18,409 shares of the company's stock valued at $470,000 after buying an additional 689 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company's stock.

Coterra Energy Price Performance

NYSE CTRA traded down $0.12 during trading hours on Wednesday, hitting $25.76. The company had a trading volume of 8,313,420 shares, compared to its average volume of 6,434,513. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. The firm has a market capitalization of $19.66 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 0.59 and a beta of 0.34. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $29.95. The firm has a 50 day simple moving average of $24.91 and a 200 day simple moving average of $26.36.

Coterra Energy (NYSE:CTRA - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.09. The business had revenue of $924.00 million for the quarter, compared to analysts' expectations of $1.92 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The business's revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. Equities research analysts expect that Coterra Energy Inc. will post 1.54 earnings per share for the current year.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, May 15th. Coterra Energy's payout ratio is 51.16%.

Insiders Place Their Bets

In other news, SVP Kevin William Smith sold 25,733 shares of the firm's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the sale, the senior vice president now owns 106,114 shares in the company, valued at approximately $3,086,856.26. This trade represents a 19.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Coterra Energy from $33.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. UBS Group reduced their price objective 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. Bank of America decreased their target price on Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Morgan Stanley set a $28.00 price target on shares of Coterra Energy in a report on Tuesday, April 15th. Finally, Scotiabank decreased their price objective on shares of Coterra Energy from $38.00 to $33.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Coterra Energy has a consensus rating of "Moderate Buy" and an average price target of $33.50.

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.