Westpac Banking Corp Raises Holdings in Coterra Energy Inc. (NYSE:CTRA)

Westpac Banking Corp raised its position in Coterra Energy Inc. (NYSE:CTRA) by 46.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 23,774 shares of the company’s stock after purchasing an additional 7,505 shares during the period. Westpac Banking Corp’s holdings in Coterra Energy were worth $607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CTRA. FMR LLC boosted its holdings in shares of Coterra Energy by 11.7% during the 3rd quarter. FMR LLC now owns 911,700 shares of the company’s stock worth $21,835,000 after purchasing an additional 95,539 shares during the last quarter. Quantbot Technologies LP acquired a new position in Coterra Energy during the third quarter worth $193,000. Investment Management Corp of Ontario grew its holdings in Coterra Energy by 47.1% in the 3rd quarter. Investment Management Corp of Ontario now owns 24,659 shares of the company’s stock valued at $591,000 after buying an additional 7,900 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in shares of Coterra Energy by 17.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 2,077,405 shares of the company’s stock worth $49,754,000 after acquiring an additional 304,240 shares during the last quarter. Finally, Systematic Financial Management LP raised its holdings in shares of Coterra Energy by 37.7% during the 3rd quarter. Systematic Financial Management LP now owns 115,250 shares of the company’s stock worth $2,760,000 after acquiring an additional 31,555 shares during the period. Institutional investors and hedge funds own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CTRA shares. Mizuho raised their price objective on shares of Coterra Energy from $37.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Johnson Rice upgraded shares of Coterra Energy from a “hold” rating to an “accumulate” rating and raised their price target for the stock from $34.00 to $37.00 in a report on Wednesday, March 12th. The Goldman Sachs Group upped their price objective on Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley cut their target price on Coterra Energy from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Finally, Williams Trading set a $37.00 price target on Coterra Energy in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.35.

Insider Transactions at Coterra Energy

In other news, SVP Kevin William Smith sold 25,733 shares of Coterra Energy stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the sale, the senior vice president now directly owns 106,114 shares of the company’s stock, valued at approximately $3,086,856.26. The trade was a 19.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael D. Deshazer sold 35,377 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $26.62, for a total value of $941,735.74. Following the completion of the transaction, the senior vice president now directly owns 126,770 shares in the company, valued at $3,374,617.40. This trade represents a 21.82 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Coterra Energy Trading Down 8.3 %

NYSE:CTRA opened at $25.09 on Friday. Coterra Energy Inc. has a 12-month low of $22.30 and a 12-month high of $29.95. The firm has a market cap of $19.17 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 0.59 and a beta of 0.47. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $27.78 and a 200 day moving average price of $26.19.

Coterra Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s dividend payout ratio (DPR) is presently 58.28%.

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.