Coterra Energy Inc. (NYSE:CTRA) Raises Dividend to $0.22 Per Share

Coterra Energy Inc. (NYSE:CTRA) announced a quarterly dividend on Tuesday, February 25th, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.22 per share on Thursday, March 27th. This represents a $0.88 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from Coterra Energy’s previous quarterly dividend of $0.21.

Coterra Energy has increased its dividend by an average of 23.6% annually over the last three years. Coterra Energy has a payout ratio of 22.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Coterra Energy to earn $3.13 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 26.8%.

Coterra Energy Trading Down 2.1 %

Shares of Coterra Energy stock traded down $0.60 on Tuesday, reaching $27.38. 12,759,616 shares of the company’s stock were exchanged, compared to its average volume of 6,175,738. The company has a market capitalization of $20.17 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26. Coterra Energy has a 52 week low of $22.30 and a 52 week high of $29.95. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. The firm’s 50-day moving average is $27.23 and its two-hundred day moving average is $25.43.

Insider Buying and Selling

In related news, SVP Kevin William Smith sold 29,643 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $26.16, for a total transaction of $775,460.88. Following the completion of the sale, the senior vice president now owns 77,075 shares in the company, valued at approximately $2,016,282. This trade represents a 27.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Citigroup lifted their price target on shares of Coterra Energy from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Mizuho boosted their target price on Coterra Energy from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Piper Sandler upped their price target on Coterra Energy from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Barclays raised their price objective on Coterra Energy from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Wells Fargo & Company upped their target price on Coterra Energy from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Coterra Energy has an average rating of “Moderate Buy” and an average target price of $33.42.

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.