Oppenheimer & Co. Inc. Makes New Investment in Coterra Energy Inc. (NYSE:CTRA)

Oppenheimer & Co. Inc. bought a new position in Coterra Energy Inc. (NYSE:CTRA – Get Rating) in the first quarter, HoldingsChannel.com reports. The fund bought 24,636 shares of the company’s stock, valued at approximately $664,000.

Several other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. acquired a new stake in shares of Coterra Energy during the 1st quarter worth approximately $613,990,000. Victory Capital Management Inc. acquired a new stake in shares of Coterra Energy during the 1st quarter worth approximately $510,135,000. State Farm Mutual Automobile Insurance Co. acquired a new stake in shares of Coterra Energy during the 1st quarter worth approximately $261,774,000. Bank of New York Mellon Corp acquired a new stake in shares of Coterra Energy during the 1st quarter worth approximately $229,251,000. Finally, King Luther Capital Management Corp acquired a new stake in shares of Coterra Energy during the 1st quarter worth approximately $179,558,000. Institutional investors and hedge funds own 93.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. MKM Partners restated a “neutral” rating and set a $26.00 price objective on shares of Coterra Energy in a report on Wednesday, July 20th. Wells Fargo & Company boosted their price objective on shares of Coterra Energy from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Monday, July 11th. Morgan Stanley decreased their price objective on shares of Coterra Energy from $30.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 19th. Citigroup cut shares of Coterra Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $40.00 to $27.00 in a report on Friday, June 24th. Finally, Piper Sandler decreased their price objective on shares of Coterra Energy from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, July 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.67.

Insiders Place Their Bets

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In other news, EVP Stephen P. Bell sold 36,327 shares of the stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $35.41, for a total value of $1,286,339.07. Following the transaction, the executive vice president now directly owns 351,436 shares of the company’s stock, valued at $12,444,348.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Coterra Energy Stock Performance

NYSE CTRA opened at $30.11 on Friday. The company has a current ratio of 1.80, a quick ratio of 1.77 and a debt-to-equity ratio of 0.24. The firm’s fifty day moving average price is $28.36 and its two-hundred day moving average price is $28.48. Coterra Energy Inc. has a 1 year low of $17.21 and a 1 year high of $36.55. The firm has a market capitalization of $23.96 billion, a P/E ratio of 8.36, a price-to-earnings-growth ratio of 0.12 and a beta of 0.07.

Coterra Energy (NYSE:CTRA – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.25. Coterra Energy had a net margin of 41.04% and a return on equity of 28.44%. During the same quarter last year, the company earned $0.25 EPS. As a group, research analysts anticipate that Coterra Energy Inc. will post 4.78 EPS for the current year.

Coterra Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Monday, August 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, August 12th. Coterra Energy’s dividend payout ratio (DPR) is currently 16.67%.

About Coterra Energy

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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. It primarily focuses on the Marcellus Shale with approximately 177,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania.