Coterra Energy (NYSE:CTRA) Shares Down 4.3% – Here’s Why

Coterra Energy Inc. (NYSE:CTRA) shares traded down 4.3% during mid-day trading on Friday . The stock traded as low as $22.87 and last traded at $22.90. 3,812,256 shares traded hands during trading, a decline of 38% from the average session volume of 6,189,651 shares. The stock had previously closed at $23.92.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley reduced their price target on Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Roth Mkm upgraded Coterra Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $25.00 to $29.00 in a research report on Tuesday, August 27th. Barclays cut their price objective on Coterra Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. JPMorgan Chase & Co. cut their price objective on Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, UBS Group cut their price objective on Coterra Energy from $34.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.06.

Coterra Energy Stock Down 5.1 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.40 and a quick ratio of 1.38. The company has a market capitalization of $16.77 billion, a PE ratio of 13.67, a P/E/G ratio of 1.49 and a beta of 0.22. The business has a 50-day moving average of $23.82 and a 200 day moving average of $25.73.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). Coterra Energy had a net margin of 23.18% and a return on equity of 10.48%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts predict that Coterra Energy Inc. will post 1.62 earnings per share for the current year.

Institutional Investors Weigh In On Coterra Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Coterra Energy in the first quarter worth approximately $656,000. Quadrature Capital Ltd boosted its position in shares of Coterra Energy by 112.2% in the 1st quarter. Quadrature Capital Ltd now owns 72,395 shares of the company’s stock worth $2,018,000 after purchasing an additional 38,278 shares in the last quarter. CreativeOne Wealth LLC boosted its position in shares of Coterra Energy by 130.3% in the 1st quarter. CreativeOne Wealth LLC now owns 56,860 shares of the company’s stock worth $1,586,000 after purchasing an additional 32,173 shares in the last quarter. Raymond James & Associates boosted its position in shares of Coterra Energy by 5.0% in the 2nd quarter. Raymond James & Associates now owns 1,187,663 shares of the company’s stock worth $31,675,000 after purchasing an additional 56,748 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its stake in Coterra Energy by 1.0% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 5,063,920 shares of the company’s stock worth $135,055,000 after acquiring an additional 51,249 shares during the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

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.