Coterra Energy (NYSE:CTRA) Given New $29.00 Price Target at Morgan Stanley

Coterra Energy (NYSE:CTRA) had its target price raised by Morgan Stanley from $27.00 to $29.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts also recently commented on CTRA. Barclays lifted their price target on Coterra Energy from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday. Scotiabank decreased their target price on Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Piper Sandler upped their price target on Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Thursday. Roth Capital raised shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Wolfe Research started coverage on shares of Coterra Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $35.00 target price on the stock. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Coterra Energy has a consensus rating of “Moderate Buy” and a consensus price target of $32.41.

Coterra Energy Stock Performance

Shares of CTRA opened at $25.58 on Thursday. The firm has a market cap of $18.84 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.67 and a beta of 0.22. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $23.95 and its two-hundred day moving average is $25.46. Coterra Energy has a 52-week low of $22.30 and a 52-week high of $28.90.

Coterra Energy (NYSE:CTRA) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The company’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 earnings per share. Analysts forecast that Coterra Energy will post 1.53 EPS for the current fiscal year.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Thursday, November 14th. Coterra Energy’s payout ratio is currently 50.60%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP raised its stake in shares of Coterra Energy by 28.4% during the third quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock valued at $1,705,480,000 after purchasing an additional 15,736,247 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Coterra Energy by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 22,156,361 shares of the company’s stock worth $530,645,000 after buying an additional 305,626 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Coterra Energy by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 19,000,702 shares of the company’s stock worth $453,628,000 after acquiring an additional 128,397 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Coterra Energy by 1.2% in the third quarter. Victory Capital Management Inc. now owns 16,963,084 shares of the company’s stock valued at $406,266,000 after acquiring an additional 195,966 shares in the last quarter. Finally, King Luther Capital Management Corp increased its stake in shares of Coterra Energy by 4.4% during the second quarter. King Luther Capital Management Corp now owns 6,783,690 shares of the company’s stock valued at $180,921,000 after acquiring an additional 285,774 shares during the period. Institutional investors own 87.92% 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.