Westpac Banking Corp Decreases Position in Coterra Energy Inc. $CTRA

Key Points

• Westpac Banking Corp reduced its stake in Coterra Energy by 77.4% in the first quarter, now holding 5,383 shares valued at approximately $156,000.
• Coterra Energy reported earnings per share of $0.48 for the last quarter, missing estimates by $0.02, but had revenue of $1.97 billion, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.22 per share, representing a 3.7% annual yield, with a planned payment date on August 28th.

Westpac Banking Corp lessened its holdings in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 77.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,383 shares of the company's stock after selling 18,391 shares during the period. Westpac Banking Corp's holdings in Coterra Energy were worth $156,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cornerstone Planning Group LLC lifted its stake in Coterra Energy by 175.6% during the 1st quarter. Cornerstone Planning Group LLC now owns 871 shares of the company's stock valued at $25,000 after acquiring an additional 555 shares in the last quarter. Raleigh Capital Management Inc. boosted its holdings in Coterra Energy by 463.5% during the first quarter. Raleigh Capital Management Inc. now owns 896 shares of the company's stock worth $26,000 after purchasing an additional 737 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in Coterra Energy during the first quarter worth about $29,000. Wayfinding Financial LLC bought a new stake in Coterra Energy in the 1st quarter worth about $34,000. Finally, Investors Research Corp increased its stake in Coterra Energy by 45.2% in the 1st quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after buying an additional 408 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company's stock.

Wall Street Analysts Forecast Growth

CTRA has been the subject of several recent analyst reports. Bank of America reduced their target price on Coterra Energy from $34.00 to $33.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Barclays increased their price target on shares of Coterra Energy from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Piper Sandler lifted their price objective on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an "overweight" rating in a research report on Thursday. Pickering Energy Partners cut shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Finally, UBS Group decreased their price target on shares of Coterra Energy from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $33.37.

Coterra Energy Price Performance

Shares of NYSE CTRA traded down $0.11 during midday trading on Tuesday, hitting $23.13. 1,799,110 shares of the company's stock were exchanged, compared to its average volume of 7,075,930. The business's fifty day moving average price is $24.91 and its two-hundred day moving average price is $25.80. The company has a market cap of $17.65 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 0.32 and a beta of 0.33. The company has a current ratio of 1.13, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95.

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

Coterra Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Thursday, August 14th. Coterra Energy's dividend payout ratio is presently 42.11%.

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.