Viking Fund Management LLC Sells 200,000 Shares of Coterra Energy Inc. $CTRA

Key Points

• Viking Fund Management LLC reduced its holdings in Coterra Energy by 64.5%, selling 200,000 shares and leaving it with 110,000 shares valued at approximately $2.79 million.
• Multiple large institutional investors, including Vanguard Group Inc. and Wellington Management Group LLP, increased their stakes in Coterra Energy during the first quarter, contributing to 87.92% of the stock being owned by institutional investors.
• Coterra Energy reported a 54.6% increase in revenue year-over-year, while its most recent quarterly earnings revealed a slight miss on EPS estimates, reporting $0.48 compared to the $0.50 consensus estimate.

Viking Fund Management LLC lessened its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 64.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,000 shares of the company's stock after selling 200,000 shares during the period. Viking Fund Management LLC's holdings in Coterra Energy were worth $2,792,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its holdings in Coterra Energy by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 123,054 shares of the company's stock valued at $3,577,000 after purchasing an additional 8,726 shares during the period. Vontobel Holding Ltd. purchased a new position in Coterra Energy in the 1st quarter worth about $233,000. Janney Montgomery Scott LLC boosted its holdings in Coterra Energy by 9.4% in the first 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 boosted its holdings in Coterra Energy by 428.6% in the first 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 boosted its holdings in Coterra Energy by 2.8% in the first 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.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Barclays increased their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Piper Sandler upped their price target on shares of Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Mizuho cut their price target on shares of Coterra Energy from $36.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Wells Fargo & Company lifted their price objective on shares of Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a research report on Tuesday, July 1st. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.22.

Coterra Energy Price Performance

NYSE:CTRA traded up $0.52 during mid-day trading on Tuesday, hitting $23.62. 2,507,711 shares of the company's stock traded hands, compared to its average volume of 6,932,941. Coterra Energy Inc. has a 1 year low of $22.46 and a 1 year high of $29.95. The company has a market cap of $18.02 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.33 and a beta of 0.34. The firm's 50 day simple moving average is $23.99 and its 200 day simple moving average is $25.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.13.

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 the consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.78 billion. Coterra Energy had a return on equity of 10.99% and a net margin of 23.80%.Coterra Energy's revenue for the quarter was up 54.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.37 earnings per share. Sell-side analysts expect that Coterra Energy Inc. will post 1.54 EPS for the current 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 given 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 yield of 3.7%. Coterra Energy's payout ratio is currently 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.