Coterra Energy Inc. (NYSE:CTRA) Sees Significant Decline in Short Interest

Coterra Energy Inc. (NYSE:CTRA) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 16,780,000 shares, a decrease of 8.3% from the September 30th total of 18,290,000 shares. Based on an average daily trading volume, of 5,690,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.3% of the company’s shares are sold short.

Coterra Energy Stock Down 5.1 %

Shares of NYSE:CTRA traded down $1.21 on Friday, hitting $22.71. 12,081,220 shares of the company traded hands, compared to its average volume of 6,230,386. The company has a market cap of $16.79 billion, a PE ratio of 12.94, a PEG ratio of 1.49 and a beta of 0.22. The stock has a 50 day simple moving average of $23.82 and a 200-day simple moving average of $25.73. Coterra Energy has a 52 week low of $22.30 and a 52 week high of $28.90. The company has a quick ratio of 1.38, a current ratio of 1.40 and a debt-to-equity ratio of 0.16.

Coterra Energy (NYSE:CTRA) last issued 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). The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. As a group, research analysts expect that Coterra Energy will post 1.62 earnings per share for the current year.

Institutional Investors Weigh In On Coterra Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Coterra Energy by 7.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 35,751 shares of the company’s stock worth $997,000 after purchasing an additional 2,403 shares in the last quarter. SeaCrest Wealth Management LLC boosted its position in shares of Coterra Energy by 6.9% during the first quarter. SeaCrest Wealth Management LLC now owns 8,506 shares of the company’s stock valued at $237,000 after buying an additional 549 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Coterra Energy by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,692 shares of the company’s stock worth $56,086,000 after buying an additional 10,001 shares in the last quarter. Norden Group LLC bought a new stake in Coterra Energy in the 1st quarter worth about $2,827,000. Finally, Kovack Advisors Inc. purchased a new position in Coterra Energy in the 1st quarter worth about $237,000. Institutional investors own 87.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CTRA. JPMorgan Chase & Co. dropped their target price on shares of Coterra Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Scotiabank cut their price objective on Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Morgan Stanley reduced their target price on Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Barclays dropped their price target on Coterra Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Finally, Stephens boosted their price objective on shares of Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Coterra Energy currently has an average rating of “Moderate Buy” and a consensus target price of $31.24.

Coterra Energy Company Profile

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.