Primecap Management Co. CA Has $58.97 Million Stake in Coterra Energy Inc. (NYSE:CTRA)

Key Points

• Primecap Management Co. CA reduced its stake in Coterra Energy by 3.5%, selling 73,590 shares and now holding approximately 2,040,430 shares worth around $58.97 million.
• Institutional investors own 87.92% of Coterra Energy, with major stakeholders such as Vanguard Group and Deutsche Bank significantly increasing their positions in recent quarters.
• Coterra Energy reported a quarterly earnings miss with $0.48 EPS, below the consensus estimate of $0.50, despite achieving revenue of $1.97 billion, surpassing expectations.

Primecap Management Co. CA lessened its stake in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 3.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,040,430 shares of the company's stock after selling 73,590 shares during the period. Primecap Management Co. CA owned about 0.27% of Coterra Energy worth $58,968,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CTRA. Cornerstone Planning Group LLC lifted its holdings in shares of Coterra Energy by 175.6% in the first 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. lifted its holdings in shares of 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 in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Coterra Energy in the first quarter valued at $29,000. Wayfinding Financial LLC purchased a new stake in shares of Coterra Energy in the first quarter valued at $34,000. Finally, Investors Research Corp lifted its holdings 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 purchasing an additional 408 shares in the last quarter. Institutional investors and hedge funds own 87.92% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CTRA shares. Susquehanna reduced their target price on Coterra Energy from $34.00 to $32.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $31.00 price target on shares of Coterra Energy in a research note on Tuesday, July 1st. Mizuho dropped their price target on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Morgan Stanley set a $28.00 price target on shares of Coterra Energy in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company dropped their price target on shares of Coterra Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $33.16.

Coterra Energy Stock Performance

Shares of NYSE CTRA traded up $0.04 during mid-day trading on Monday, hitting $24.06. The company had a trading volume of 1,272,085 shares, compared to its average volume of 7,108,557. The firm has a market cap of $18.36 billion, a P/E ratio of 11.51, a PEG ratio of 0.32 and a beta of 0.33. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.13 and a quick ratio of 1.08. Coterra Energy Inc. has a 12 month low of $22.30 and a 12 month high of $29.95. The business's 50-day simple moving average is $25.08 and its 200-day simple moving average is $25.98.

Coterra Energy (NYSE:CTRA - Get Free Report) last announced 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 business had revenue of $1.97 billion for 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 firm's revenue for the quarter was up 54.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.37 EPS. As a group, analysts predict that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.7%. Coterra Energy's dividend payout ratio (DPR) is currently 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.