Bank of Nova Scotia Purchases 487,829 Shares of Coterra Energy Inc. (NYSE:CTRA)

Bank of Nova Scotia boosted its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 513.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 582,810 shares of the company’s stock after acquiring an additional 487,829 shares during the quarter. Bank of Nova Scotia’s holdings in Coterra Energy were worth $14,885,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CTRA. Czech National Bank lifted its position in shares of Coterra Energy by 6.1% during the 4th 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 position in Coterra Energy by 107.0% in the 4th 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. acquired a new position in shares of Coterra Energy during the fourth quarter worth approximately $217,000. Barclays PLC boosted its position in shares of Coterra Energy by 3.1% in the third 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 acquired a new stake in shares of Coterra Energy in the fourth quarter worth $1,267,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Kevin William Smith sold 25,733 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total value of $748,572.97. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael D. Deshazer sold 35,377 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the sale, the senior vice president now directly owns 126,770 shares of the company’s stock, valued at $3,374,617.40. This represents a 21.82 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CTRA shares. Barclays boosted their price objective on shares of Coterra Energy from $37.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday, March 18th. Raymond James lowered their price target on Coterra Energy from $41.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 12th. Piper Sandler raised their price objective on Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. Mizuho boosted their price objective on Coterra Energy from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, The Goldman Sachs Group raised their target price on Coterra Energy from $33.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.15.

Coterra Energy Stock Performance

Shares of Coterra Energy stock opened at $24.71 on Friday. The company’s 50 day moving average price is $27.44 and its two-hundred day moving average price is $26.25. The firm has a market capitalization of $18.89 billion, a P/E ratio of 14.89, a P/E/G ratio of 0.59 and a beta of 0.47. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week 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.

Coterra Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders 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 annualized dividend and a yield of 3.56%. The ex-dividend date was Thursday, March 13th. Coterra Energy’s dividend payout ratio is 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.