Raymond James Financial Reiterates "Outperform" Rating for Coterra Energy (NYSE:CTRA)

Key Points

• Raymond James Financial has maintained its "outperform" rating on Coterra Energy (NYSE:CTRA) but has lowered its price target from $38.00 to $34.00, indicating a potential upside of approximately 39.77% from current levels.
• In the latest quarter, Coterra Energy reported earnings of $0.48 per share, missing the consensus estimate, but its revenue increased by 54.6% year-over-year, reaching $1.97 billion.
• The stock has a market capitalization of $18.56 billion and trading range over the past year has been between $22.41 and $29.95.

Coterra Energy (NYSE:CTRA - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Raymond James Financial in a research note issued to investors on Thursday,Benzinga reports. They currently have a $34.00 price objective on the stock, down from their prior price objective of $38.00. Raymond James Financial's price objective indicates a potential upside of 39.77% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group reissued a "neutral" rating and set a $31.00 price objective on shares of Coterra Energy in a research report on Tuesday, July 1st. Pickering Energy Partners cut shares of Coterra Energy from an "outperform" rating to a "neutral" rating in a research note on Tuesday, May 20th. Barclays boosted their target price 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 target on shares of Coterra Energy from $37.00 to $39.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Scotiabank restated an "outperform" rating on shares of Coterra Energy in a research report on Friday, July 11th. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $33.39.

Coterra Energy Price Performance

Shares of CTRA stock opened at $24.33 on Thursday. Coterra Energy has a 1 year low of $22.41 and a 1 year high of $29.95. The firm's 50 day moving average is $24.17 and its 200-day moving average is $25.36. The firm has a market capitalization of $18.56 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.32 and a beta of 0.34. 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 (NYSE:CTRA - Get Free Report) last announced its quarterly earnings data 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). 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 analyst estimates of $1.78 billion. During the same quarter in the prior year, the company earned $0.37 earnings per share. The company's quarterly revenue was up 54.6% on a year-over-year basis. Sell-side analysts forecast that Coterra Energy will post 1.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Donald L. Hagan LLC grew its holdings in shares of Coterra Energy by 1.1% in the first quarter. Donald L. Hagan LLC now owns 35,754 shares of the company's stock worth $1,033,000 after purchasing an additional 401 shares during the last quarter. Investors Research Corp lifted its stake in Coterra Energy by 45.2% during the 1st quarter. Investors Research Corp now owns 1,311 shares of the company's stock valued at $38,000 after acquiring an additional 408 shares during the period. Saxon Interests Inc. boosted its holdings in shares of Coterra Energy by 5.1% in the first quarter. Saxon Interests Inc. now owns 9,319 shares of the company's stock worth $269,000 after buying an additional 451 shares during the last quarter. Tectonic Advisors LLC raised its stake in Coterra Energy by 3.2% during the 1st quarter. Tectonic Advisors LLC now owns 14,834 shares of the company's stock worth $429,000 after acquiring an additional 459 shares during the period. Finally, Procyon Advisors LLC raised its stake in Coterra Energy by 3.6% during the 1st quarter. Procyon Advisors LLC now owns 13,460 shares of the company's stock worth $389,000 after acquiring an additional 469 shares during the period. 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.

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