Confluence Investment Management LLC Purchases 635 Shares of Coterra Energy Inc. (NYSE:CTRA)

Confluence Investment Management LLC boosted its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,820 shares of the company’s stock after purchasing an additional 635 shares during the period. Confluence Investment Management LLC’s holdings in Coterra Energy were worth $529,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CTRA. Balyasny Asset Management L.P. bought a new position in shares of Coterra Energy during the fourth quarter valued at approximately $54,625,000. SG Americas Securities LLC lifted its position in Coterra Energy by 2,609.6% during the first quarter. SG Americas Securities LLC now owns 1,541,342 shares of the company’s stock valued at $42,973,000 after acquiring an additional 1,484,458 shares during the last quarter. Bridgewater Associates LP purchased a new stake in Coterra Energy during the fourth quarter valued at approximately $31,112,000. Clearbridge Investments LLC purchased a new stake in Coterra Energy during the first quarter valued at approximately $28,967,000. Finally, Dimensional Fund Advisors LP lifted its position in Coterra Energy by 8.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,465,383 shares of the company’s stock valued at $267,089,000 after acquiring an additional 848,519 shares during the last quarter. 87.92% of the stock is currently owned by institutional investors.

Coterra Energy Price Performance

NYSE:CTRA traded down $0.58 during mid-day trading on Monday, hitting $23.53. 2,058,146 shares of the company’s stock traded hands, compared to its average volume of 6,430,193. The company has a market cap of $17.51 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.49 and a beta of 0.24. Coterra Energy Inc. has a 1 year low of $23.22 and a 1 year high of $29.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.49. The firm’s 50 day simple moving average is $26.87 and its 200 day simple moving average is $26.74.

Coterra Energy (NYSE:CTRA) last released its earnings results on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.02). Coterra Energy had a return on equity of 10.49% and a net margin of 23.18%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business posted $0.38 earnings per share. Coterra Energy’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts expect that Coterra Energy Inc. will post 2.02 EPS for the current year.

Coterra Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.84 dividend on an annualized basis and a yield of 3.57%. Coterra Energy’s dividend payout ratio (DPR) is 48.55%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CTRA. Piper Sandler increased their price objective on shares of Coterra Energy from $37.00 to $39.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Susquehanna lifted their target price on shares of Coterra Energy from $32.00 to $33.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Mizuho raised their price target on shares of Coterra Energy from $37.00 to $41.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Truist Financial reduced their target price on shares of Coterra Energy from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Coterra Energy from $26.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.94.

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.