Raymond James Financial Inc. Trims Stake in Coterra Energy Inc. $CTRA

Key Points

• Raymond James Financial Inc. has reduced its stake in Coterra Energy Inc. by 2.7%, owning about 0.31% of the company after selling 65,870 shares during Q1.
• Bank of America and other analysts have adjusted their target prices for Coterra Energy, with an average target price of $33.37 and a "Moderate Buy" rating.
• Coterra Energy has announced a quarterly dividend of $0.22 per share, representing a 3.8% yield, with the payout ratio currently at 42.11%.

Raymond James Financial Inc. reduced its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,340,602 shares of the company's stock after selling 65,870 shares during the period. Raymond James Financial Inc. owned about 0.31% of Coterra Energy worth $67,643,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CTRA. Vanguard Group Inc. raised its stake in Coterra Energy by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 92,337,673 shares of the company's stock valued at $2,668,559,000 after buying an additional 3,818,700 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Coterra Energy by 7.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 25,304,940 shares of the company's stock valued at $731,313,000 after buying an additional 1,837,614 shares during the last quarter. Victory Capital Management Inc. raised its stake in Coterra Energy by 5.7% during the 1st quarter. Victory Capital Management Inc. now owns 18,828,688 shares of the company's stock valued at $544,149,000 after buying an additional 1,019,995 shares during the last quarter. Invesco Ltd. raised its stake in Coterra Energy by 1.2% during the 1st quarter. Invesco Ltd. now owns 12,384,728 shares of the company's stock valued at $357,919,000 after buying an additional 152,244 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Coterra Energy by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,448,823 shares of the company's stock valued at $301,940,000 after buying an additional 90,103 shares during the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Price Performance

Coterra Energy stock traded up $0.3350 during mid-day trading on Friday, hitting $23.7750. The stock had a trading volume of 4,496,978 shares, compared to its average volume of 6,616,784. The firm's 50 day moving average is $24.69 and its 200 day moving average is $25.68. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $29.95. The firm has a market capitalization of $18.14 billion, a P/E ratio of 11.38, a P/E/G ratio of 0.32 and a beta of 0.33. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29.

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

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Thursday, August 14th. Coterra Energy's dividend payout ratio is currently 42.11%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group reissued a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a research report on Tuesday, July 1st. Bank of America cut their price objective on shares of Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Finally, Mizuho dropped their target price on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One equities research 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, the company has an average rating of "Moderate Buy" and a consensus target price of $33.37.

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.