Truist Financial Corp Acquires 2,625,126 Shares of Coterra Energy Inc. $CTRA

Key Points

• Truist Financial Corp has increased its holdings in Coterra Energy by 165.3%, acquiring an additional 2,625,126 shares during the second quarter, bringing its total to 4,213,315 shares valued at approximately $106.93 million.
• Coterra Energy's recent quarterly earnings reported an EPS of $0.48, missing estimates by $0.02, while revenues reached $1.97 billion, exceeding expectations of $1.78 billion.
• Analysts have a positive outlook for Coterra Energy, with a consensus rating of "Moderate Buy" and an average target price of $33.22.

Truist Financial Corp raised its holdings in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 165.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,213,315 shares of the company's stock after acquiring an additional 2,625,126 shares during the period. Truist Financial Corp owned about 0.55% of Coterra Energy worth $106,934,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Coterra Energy by 7.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock valued at $3,577,000 after acquiring an additional 8,726 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of Coterra Energy during the first quarter valued at about $233,000. Janney Montgomery Scott LLC boosted its stake in shares of Coterra Energy by 9.4% during the first quarter. Janney Montgomery Scott LLC now owns 251,726 shares of the company's stock valued at $7,275,000 after purchasing an additional 21,733 shares in the last quarter. Wealth Advisory Solutions LLC acquired a new stake in shares of Coterra Energy during the second quarter valued at about $342,000. Finally, Spire Wealth Management boosted its stake in shares of Coterra Energy by 428.6% during the first quarter. Spire Wealth Management now owns 2,294 shares of the company's stock valued at $66,000 after purchasing an additional 1,860 shares in the last quarter. Institutional investors own 87.92% of the company's stock.

Coterra Energy Price Performance

Shares of CTRA opened at $23.95 on Thursday. Coterra Energy Inc. has a 52-week low of $22.46 and a 52-week high of $29.95. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13. The business's 50 day moving average price is $23.95 and its two-hundred day moving average price is $25.06. The firm has a market cap of $18.27 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.33 and a beta of 0.29.

Coterra Energy (NYSE:CTRA - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.48 earnings per share (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 business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the firm posted $0.37 earnings per share. Coterra Energy's quarterly revenue was up 54.6% compared to the same quarter last year. On average, equities analysts anticipate that Coterra Energy Inc. will post 1.54 EPS for the current year.

Coterra Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CTRA shares. The Goldman Sachs Group reissued a "neutral" rating and set a $31.00 price target on shares of Coterra Energy in a research note on Tuesday, July 1st. Barclays lifted their price objective on Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Mizuho cut their price objective on Coterra Energy from $36.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Raymond James Financial reaffirmed an "outperform" rating and issued a $34.00 price objective (down from $38.00) on shares of Coterra Energy in a research note on Thursday, September 11th. Finally, Piper Sandler lifted their price objective on Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Coterra Energy currently has a consensus rating of "Moderate Buy" and an average target price of $33.22.

Coterra Energy 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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