Meritage Portfolio Management Cuts Stake in Coterra Energy Inc. (NYSE:CTRA)

Meritage Portfolio Management lessened its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 6.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,450 shares of the company’s stock after selling 776 shares during the quarter. Meritage Portfolio Management’s holdings in Coterra Energy were worth $292,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Coterra Energy by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 16,080,590 shares of the company’s stock worth $434,980,000 after purchasing an additional 235,636 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Coterra Energy by 3.5% during the third quarter. Victory Capital Management Inc. now owns 15,945,601 shares of the company’s stock valued at $431,329,000 after buying an additional 544,768 shares during the last quarter. Invesco Ltd. increased its position in shares of Coterra Energy by 1.5% in the 3rd quarter. Invesco Ltd. now owns 10,723,660 shares of the company’s stock valued at $290,075,000 after acquiring an additional 161,776 shares during the period. Northern Trust Corp increased its position in shares of Coterra Energy by 2.3% in the 3rd quarter. Northern Trust Corp now owns 9,084,114 shares of the company’s stock valued at $245,725,000 after acquiring an additional 201,520 shares during the period. Finally, Morgan Stanley raised its stake in Coterra Energy by 5.9% in the 3rd quarter. Morgan Stanley now owns 8,421,481 shares of the company’s stock worth $227,801,000 after acquiring an additional 466,511 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CTRA. Scotiabank increased their price objective on Coterra Energy from $31.00 to $35.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Raymond James lifted their price objective on shares of Coterra Energy from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Bank of America upgraded shares of Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Friday, January 5th. JPMorgan Chase & Co. boosted their target price on shares of Coterra Energy from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. Finally, Barclays started coverage on Coterra Energy in a research report on Wednesday, April 10th. They set an “overweight” rating and a $36.00 price target on the stock. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Coterra Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.47.

Coterra Energy Stock Performance

Shares of CTRA stock opened at $28.28 on Friday. The company has a market capitalization of $21.26 billion, a P/E ratio of 13.21 and a beta of 0.21. Coterra Energy Inc. has a 12-month low of $22.91 and a 12-month high of $29.89. The business’s 50 day moving average is $27.10 and its two-hundred day moving average is $26.44. The company has a current ratio of 1.21, a quick ratio of 1.18 and a debt-to-equity ratio of 0.12.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Coterra Energy had a net margin of 27.48% and a return on equity of 12.97%. Analysts expect that Coterra Energy Inc. will post 1.82 EPS for the current fiscal year.

Coterra Energy Increases Dividend

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

Insider Buying and Selling

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

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.