Wellington Management Group LLP Buys 11,102,350 Shares of Coterra Energy Inc. $CTRA

Key Points

• Wellington Management Group LLP increased its stake in Coterra Energy Inc. by 15.3%, acquiring 11,102,350 shares, bringing its total ownership to approximately 10.96%, valued at $2.42 billion.
• Coterra Energy's latest quarterly earnings report revealed earnings per share of $0.48, missing estimates, but revenue surged by 54.6% year-over-year to $1.97 billion.
• The company plans to pay a quarterly dividend of $0.22 per share, representing an annualized yield of 3.7%, with the ex-dividend date set for August 14th.

Wellington Management Group LLP lifted its holdings in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,631,117 shares of the company's stock after buying an additional 11,102,350 shares during the quarter. Wellington Management Group LLP owned approximately 10.96% of Coterra Energy worth $2,416,939,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CTRA. Qtron Investments LLC purchased a new stake in Coterra Energy during the 1st quarter valued at about $358,000. Versor Investments LP lifted its stake in Coterra Energy by 11.3% during the 1st quarter. Versor Investments LP now owns 22,600 shares of the company's stock valued at $653,000 after acquiring an additional 2,300 shares during the period. Thompson Davis & CO. Inc. bought a new position in Coterra Energy during the 1st quarter valued at about $213,000. Oak Grove Capital LLC lifted its stake in Coterra Energy by 1.2% during the 1st quarter. Oak Grove Capital LLC now owns 75,200 shares of the company's stock valued at $2,173,000 after acquiring an additional 900 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Coterra Energy by 7.5% in the 1st quarter. American Century Companies Inc. now owns 5,318,524 shares of the company's stock worth $153,705,000 after purchasing an additional 371,391 shares during the period. 87.92% of the stock is owned by hedge funds and other institutional investors.

Coterra Energy Trading Down 0.1%

CTRA stock opened at $24.04 on Monday. The firm has a fifty day moving average price of $24.97 and a 200 day moving average price of $25.83. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two 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 firm has a market cap of $18.35 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.32 and a beta of 0.33.

Coterra Energy (NYSE:CTRA - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $1.78 billion. During the same period last year, the business posted $0.37 earnings per share. The company's revenue for the quarter was up 54.6% compared to the same quarter last year. Sell-side analysts anticipate that Coterra Energy Inc. will post 1.54 earnings per share for the current fiscal year.

Coterra Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.7%. Coterra Energy's dividend payout ratio (DPR) is 42.11%.

Analysts Set New Price Targets

CTRA has been the topic of several recent research reports. UBS Group lowered their price objective on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Pickering Energy Partners cut shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Piper Sandler raised their target price on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday. Raymond James Financial set a $38.00 target price on shares of Coterra Energy and gave the stock an "outperform" rating in a research note on Friday, June 13th. Finally, Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research note on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.37.

Coterra Energy Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.