Coterra Energy Inc. (NYSE:CTRA) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its position in Coterra Energy Inc. (NYSE:CTRA) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 608,448 shares of the company’s stock after selling 215,064 shares during the quarter. New York State Common Retirement Fund owned about 0.08% of Coterra Energy worth $15,528,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund raised its stake in Coterra Energy by 17.5% in the 4th quarter. Illinois Municipal Retirement Fund now owns 302,501 shares of the company’s stock valued at $7,720,000 after purchasing an additional 45,040 shares during the last quarter. Foster & Motley Inc. grew its holdings in Coterra Energy by 63.4% in the 4th quarter. Foster & Motley Inc. now owns 31,055 shares of the company’s stock valued at $793,000 after buying an additional 12,044 shares in the last quarter. Significant Wealth Partners LLC purchased a new stake in Coterra Energy in the 4th quarter valued at $1,604,000. OLD National Bancorp IN grew its holdings in Coterra Energy by 0.8% in the 4th quarter. OLD National Bancorp IN now owns 304,701 shares of the company’s stock valued at $7,776,000 after buying an additional 2,503 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Coterra Energy by 2.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 107,419 shares of the company’s stock valued at $2,741,000 after buying an additional 2,659 shares in the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

Coterra Energy Stock Performance

Shares of Coterra Energy stock opened at $28.29 on Monday. The business has a 50-day moving average of $27.10 and a 200 day moving average of $26.42. Coterra Energy Inc. has a 12 month low of $22.91 and a 12 month high of $29.89. The stock has a market capitalization of $21.27 billion, a price-to-earnings ratio of 13.22 and a beta of 0.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.21 and a quick ratio of 1.18.

Coterra Energy (NYSE:CTRA) last announced its earnings results on Thursday, February 22nd. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). Coterra Energy had a net margin of 27.48% and a return on equity of 12.97%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. As a group, sell-side analysts forecast that Coterra Energy Inc. will post 1.82 earnings per share for the current year.

Coterra Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.97%. This is a boost from Coterra Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, March 13th. Coterra Energy’s dividend payout ratio (DPR) is 39.25%.

Analyst Ratings Changes

Several brokerages have issued reports on CTRA. Raymond James upped their target price on Coterra Energy from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Mizuho restated a “buy” rating and issued a $34.00 target price on shares of Coterra Energy in a report on Wednesday, April 3rd. Stifel Nicolaus dropped their target price on Coterra Energy from $33.00 to $31.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Truist Financial lowered their price target on Coterra Energy from $30.00 to $27.00 and set a “hold” rating for the company in a report on Friday, April 5th. Finally, Piper Sandler increased their price target on Coterra Energy from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Coterra Energy has a consensus rating of “Moderate Buy” and a consensus target price of $32.47.

Insider Activity at Coterra Energy

In related news, VP Michael D. Deshazer sold 14,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $26.06, for a total transaction of $364,840.00. Following the completion of the transaction, the vice president now directly owns 93,988 shares in the company, valued at approximately $2,449,327.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Coterra Energy news, VP Michael D. Deshazer sold 14,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $26.06, for a total value of $364,840.00. Following the sale, the vice president now owns 93,988 shares of the company’s stock, valued at approximately $2,449,327.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd M. Roemer sold 55,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $27.06, for a total value of $1,488,300.00. Following the completion of the sale, the chief accounting officer now directly owns 176,758 shares in the company, valued at approximately $4,783,071.48. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

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.