Allstate Corp Purchases Shares of 21,419 Coterra Energy Inc. (NYSE:CTRA)

Allstate Corp acquired a new position in Coterra Energy Inc. (NYSE:CTRA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 21,419 shares of the company’s stock, valued at approximately $547,000.

A number of other institutional investors also recently made changes to their positions in the business. Czech National Bank lifted its stake in Coterra Energy by 6.1% in the fourth quarter. Czech National Bank now owns 159,713 shares of the company’s stock worth $4,079,000 after purchasing an additional 9,115 shares during the last quarter. Bourgeon Capital Management LLC increased its holdings in shares of Coterra Energy by 107.0% in the fourth quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock worth $6,052,000 after buying an additional 122,487 shares during the period. M.E. Allison & CO. Inc. bought a new stake in shares of Coterra Energy in the 4th quarter valued at about $217,000. Barclays PLC boosted its holdings in Coterra Energy by 3.1% during the 3rd quarter. Barclays PLC now owns 2,147,263 shares of the company’s stock valued at $51,425,000 after acquiring an additional 64,753 shares during the period. Finally, Range Financial Group LLC bought a new position in Coterra Energy during the 4th quarter worth approximately $1,267,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CTRA. Williams Trading set a $37.00 price objective on Coterra Energy in a research note on Wednesday, March 5th. Jefferies Financial Group increased their price target on shares of Coterra Energy from $26.00 to $28.00 and gave the company a “hold” rating in a research report on Tuesday, February 4th. Piper Sandler boosted their price objective on shares of Coterra Energy from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Johnson Rice raised Coterra Energy from a “hold” rating to an “accumulate” rating and raised their target price for the stock from $34.00 to $37.00 in a research note on Wednesday, March 12th. Finally, Raymond James lowered their price target on Coterra Energy from $41.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Coterra Energy presently has an average rating of “Moderate Buy” and a consensus target price of $34.35.

Insider Buying and Selling

In related news, SVP Michael D. Deshazer sold 35,377 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $26.62, for a total value of $941,735.74. Following the transaction, the senior vice president now owns 126,770 shares in the company, valued at $3,374,617.40. The trade was a 21.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kevin William Smith sold 25,733 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the sale, the senior vice president now owns 106,114 shares of the company’s stock, valued at approximately $3,086,856.26. This represents a 19.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Coterra Energy Trading Up 0.5 %

Shares of NYSE CTRA opened at $29.05 on Wednesday. Coterra Energy Inc. has a 1 year low of $22.30 and a 1 year high of $29.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56. The firm has a 50-day moving average of $27.90 and a 200 day moving average of $26.15. The stock has a market cap of $22.19 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a $0.22 dividend. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Thursday, March 13th. Coterra Energy’s payout ratio is currently 58.28%.

Coterra Energy 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.