JPMorgan Chase & Co. Issues Positive Forecast for Coterra Energy (NYSE:CTRA) Stock Price

Key Points

• JPMorgan Chase & Co. has raised its price target for Coterra Energy (NYSE:CTRA) from $33.00 to $35.00, indicating a potential upside of 46.43% based on the stock's previous close.
• Coterra Energy's recent quarterly earnings report revealed a revenue of $1.97 billion, significantly exceeding analyst expectations, despite EPS missing the consensus estimate.
• Research analysts have shown strong confidence in Coterra Energy, with 14 rating the stock as a Buy and a consensus target price of $33.22.

Coterra Energy (NYSE:CTRA - Get Free Report) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $33.00 to $35.00 in a report issued on Tuesday,MarketScreener reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 46.43% from the company's previous close.

A number of other equities research analysts also recently commented on CTRA. The Goldman Sachs Group restated a "neutral" rating and issued a $31.00 target price on shares of Coterra Energy in a research report on Tuesday, July 1st. Wells Fargo & Company upped their target price on shares of Coterra Energy from $32.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Scotiabank reissued an "outperform" rating on shares of Coterra Energy in a research note on Friday, July 11th. Mizuho lowered their price objective on shares of Coterra Energy from $36.00 to $33.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Finally, Barclays restated an "overweight" rating and set a $35.00 price target (down from $37.00) on shares of Coterra Energy in a research note on Tuesday. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.22.

Coterra Energy Stock Performance

Shares of Coterra Energy stock opened at $23.90 on Tuesday. Coterra Energy has a one year low of $22.46 and a one year 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 $23.93 and its 200 day moving average price is $24.90. The company has a market cap of $18.24 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 0.33 and a beta of 0.29.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Coterra Energy by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 95,209,961 shares of the company's stock valued at $2,416,429,000 after buying an additional 2,872,288 shares during the period. Wellington Management Group LLP raised its holdings in shares of Coterra Energy by 15.3% in the first quarter. Wellington Management Group LLP now owns 83,631,117 shares of the company's stock worth $2,416,939,000 after acquiring an additional 11,102,350 shares during the last quarter. State Street Corp lifted its position in Coterra Energy by 0.9% during the second quarter. State Street Corp now owns 45,588,319 shares of the company's stock worth $1,157,032,000 after buying an additional 386,526 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Coterra Energy by 5.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 26,800,493 shares of the company's stock worth $680,197,000 after acquiring an additional 1,495,553 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Coterra Energy by 4.8% during the 2nd quarter. Geode Capital Management LLC now owns 20,685,670 shares of the company's stock valued at $522,936,000 after buying an additional 953,824 shares during the period. Hedge funds and other institutional investors own 87.92% of the company's stock.

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.