Coterra Energy Inc. (NYSE:CTRA) Shares Sold by Ridgewood Investments LLC

Key Points

• Ridgewood Investments LLC reduced its stake in Coterra Energy by 31.5%, holding 32,266 shares valued at $932,000 as of its latest SEC filing.
• Several institutional investors have recently increased their holdings in Coterra Energy, with institutional ownership now at 87.92% of the company's stock.
• Coterra Energy announced a quarterly dividend of $0.22 per share, resulting in an annualized yield of 3.73%, contributing to a payout ratio of 51.16%.

Ridgewood Investments LLC lessened its position in shares of Coterra Energy Inc. (NYSE:CTRA - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,266 shares of the company's stock after selling 14,841 shares during the quarter. Ridgewood Investments LLC's holdings in Coterra Energy were worth $932,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CTRA. Wellington Management Group LLP increased its position in shares of Coterra Energy by 1.9% during the fourth quarter. Wellington Management Group LLP now owns 72,528,767 shares of the company's stock worth $1,852,385,000 after acquiring an additional 1,318,754 shares during the period. Geode Capital Management LLC increased its position in shares of Coterra Energy by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 19,096,761 shares of the company's stock worth $486,528,000 after acquiring an additional 96,059 shares during the period. Victory Capital Management Inc. increased its position in shares of Coterra Energy by 5.7% during the first quarter. Victory Capital Management Inc. now owns 18,828,688 shares of the company's stock worth $544,149,000 after acquiring an additional 1,019,995 shares during the period. Invesco Ltd. increased its position in shares of Coterra Energy by 9.0% during the fourth quarter. Invesco Ltd. now owns 12,232,484 shares of the company's stock worth $312,418,000 after acquiring an additional 1,011,166 shares during the period. Finally, Schroder Investment Management Group increased its position in shares of Coterra Energy by 18.2% during the fourth quarter. Schroder Investment Management Group now owns 11,776,525 shares of the company's stock worth $300,537,000 after acquiring an additional 1,809,615 shares during the period. 87.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CTRA shares. Wells Fargo & Company cut their price objective on Coterra Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Piper Sandler reiterated an "overweight" rating and set a $37.00 target price (up previously from $36.00) on shares of Coterra Energy in a research note on Thursday, July 17th. Barclays boosted their target price on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. The Goldman Sachs Group reiterated a "neutral" rating and set a $31.00 target price on shares of Coterra Energy in a research note on Tuesday, July 1st. Finally, Mizuho lowered their target price on shares of Coterra Energy from $38.00 to $36.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.16.

Coterra Energy Stock Performance

NYSE:CTRA traded up $0.05 during mid-day trading on Thursday, reaching $24.34. The stock had a trading volume of 3,497,851 shares, compared to its average volume of 7,068,436. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.90. The firm has a market capitalization of $18.57 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.33 and a beta of 0.35. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $29.95. The business has a 50 day simple moving average of $25.15 and a 200 day simple moving average of $26.27.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.09. Coterra Energy had a net margin of 21.67% and a return on equity of 10.61%. The company had revenue of $924.00 million during the quarter, compared to analysts' expectations of $1.92 billion. During the same period last year, the company posted $0.51 earnings per share. The firm's quarterly revenue was up 32.9% compared to the same quarter last year. On average, analysts expect that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were paid a $0.22 dividend. The ex-dividend date was Thursday, May 15th. This represents a $0.88 annualized dividend and a yield of 3.62%. Coterra Energy's payout ratio is currently 51.16%.

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.