Scotiabank Cuts Coterra Energy (NYSE:CTRA) Price Target to $33.00

Coterra Energy (NYSE:CTRA) had its price target reduced by analysts at Scotiabank from $38.00 to $33.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 31.31% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Mizuho raised their target price on shares of Coterra Energy from $37.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Barclays boosted their price objective on Coterra Energy from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Tuesday, March 18th. Piper Sandler raised their target price on Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Raymond James decreased their price target on Coterra Energy from $41.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, March 12th. Finally, UBS Group dropped their price objective on shares of Coterra Energy from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Monday. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.20.

Coterra Energy Stock Performance

CTRA traded up $0.43 during trading on Friday, reaching $25.13. 7,198,958 shares of the company’s stock were exchanged, compared to its average volume of 6,217,910. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. Coterra Energy has a 1 year low of $22.30 and a 1 year high of $29.95. The company’s fifty day simple moving average is $27.44 and its 200-day simple moving average is $26.25. The stock has a market capitalization of $19.20 billion, a P/E ratio of 15.14, a price-to-earnings-growth ratio of 0.59 and a beta of 0.47.

Insider Buying and Selling at Coterra Energy

In other news, SVP Michael D. Deshazer sold 35,377 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the completion of the sale, the senior vice president now owns 126,770 shares of the company’s stock, valued at $3,374,617.40. This represents a 21.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kevin William Smith sold 25,733 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the transaction, the senior vice president now directly owns 106,114 shares in the company, valued at approximately $3,086,856.26. This represents a 19.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Czech National Bank lifted its position in Coterra Energy by 6.1% during the fourth quarter. Czech National Bank now owns 159,713 shares of the company’s stock worth $4,079,000 after buying an additional 9,115 shares in the last quarter. Bourgeon Capital Management LLC raised its holdings in shares of Coterra Energy by 107.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock worth $6,052,000 after acquiring an additional 122,487 shares during the period. M.E. Allison & CO. Inc. acquired a new position in shares of Coterra Energy during the 4th quarter valued at about $217,000. Barclays PLC grew its holdings in shares of Coterra Energy by 3.1% in the third quarter. Barclays PLC now owns 2,147,263 shares of the company’s stock valued at $51,425,000 after purchasing an additional 64,753 shares during the period. Finally, Range Financial Group LLC acquired a new stake in Coterra Energy during the fourth quarter worth about $1,267,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

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.