USS Investment Management Ltd Sells 161,600 Shares of Coterra Energy Inc. $CTRA

Key Points

• USS Investment Management Ltd reduced its stake in Coterra Energy by 66.1%, now holding 82,718 shares valued at approximately $2.39 million.
• Coterra Energy has recently reported $0.48 EPS for the quarter, missing expectations, but saw a significant revenue increase of 54.6% year-over-year.
• The company announced a quarterly dividend of $0.22 per share, yielding an annualized 3.7% dividend based on current pricing.

USS Investment Management Ltd lessened its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 66.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,718 shares of the company's stock after selling 161,600 shares during the quarter. USS Investment Management Ltd's holdings in Coterra Energy were worth $2,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of Coterra Energy by 7.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock worth $3,577,000 after purchasing an additional 8,726 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Coterra Energy in the 1st quarter worth about $233,000. Janney Montgomery Scott LLC raised its position in shares of Coterra Energy by 9.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 251,726 shares of the company's stock worth $7,275,000 after purchasing an additional 21,733 shares during the last quarter. Spire Wealth Management raised its position in shares of Coterra Energy by 428.6% in the 1st quarter. Spire Wealth Management now owns 2,294 shares of the company's stock worth $66,000 after purchasing an additional 1,860 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Coterra Energy by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 86,307 shares of the company's stock worth $2,494,000 after purchasing an additional 2,325 shares during the last quarter. Hedge funds and other institutional investors own 87.92% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CTRA. Piper Sandler lifted their price target on Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Wells Fargo & Company lifted their price objective on Coterra Energy from $32.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Raymond James Financial reiterated an "outperform" rating and issued a $34.00 price objective (down from $38.00) on shares of Coterra Energy in a report on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and issued a $31.00 price objective on shares of Coterra Energy in a report on Tuesday, July 1st. Finally, Scotiabank reiterated an "outperform" rating on shares of Coterra Energy in a report on Friday, July 11th. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $33.39.

Coterra Energy Stock Performance

Shares of Coterra Energy stock traded down $0.01 during trading hours on Friday, reaching $24.36. 4,146,724 shares of the stock traded hands, compared to its average volume of 5,107,425. The company has a 50 day moving average price of $24.14 and a 200 day moving average price of $25.31. The firm has a market capitalization of $18.59 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 0.34 and a beta of 0.34. Coterra Energy Inc. has a one year low of $22.46 and a one year high of $29.95. The company has a quick ratio of 1.08, a current ratio of 1.13 and a debt-to-equity ratio of 0.29.

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

Coterra Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.6%. Coterra Energy's payout ratio is 42.11%.

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.