Bank of Montreal Can Sells 1,633,869 Shares of Coterra Energy Inc. (NYSE:CTRA)

Bank of Montreal Can lowered its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 56.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,265,007 shares of the company’s stock after selling 1,633,869 shares during the quarter. Bank of Montreal Can’s holdings in Coterra Energy were worth $30,031,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CTRA. Marshall Wace LLP increased its position in shares of Coterra Energy by 5,325.5% during the 2nd quarter. Marshall Wace LLP now owns 1,148,569 shares of the company’s stock valued at $30,632,000 after purchasing an additional 1,127,399 shares during the last quarter. American Century Companies Inc. increased its position in shares of Coterra Energy by 29.1% during the 2nd quarter. American Century Companies Inc. now owns 4,498,227 shares of the company’s stock valued at $119,968,000 after purchasing an additional 1,013,107 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Coterra Energy during the 2nd quarter valued at about $12,898,000. US Bancorp DE increased its position in shares of Coterra Energy by 30.0% during the 3rd quarter. US Bancorp DE now owns 1,632,233 shares of the company’s stock valued at $39,092,000 after purchasing an additional 376,607 shares during the last quarter. Finally, Varma Mutual Pension Insurance Co purchased a new stake in shares of Coterra Energy during the 2nd quarter valued at about $9,420,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Coterra Energy Stock Down 0.4 %

Shares of CTRA opened at $26.68 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $28.90. The stock has a market capitalization of $19.65 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.75 and a beta of 0.22. The stock has a 50 day moving average price of $24.65 and a 200 day moving average price of $25.41.

Coterra Energy (NYSE:CTRA) last issued its earnings results on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.03). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 earnings per share. Equities research analysts forecast that Coterra Energy Inc. will post 1.53 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Thursday, November 14th. Coterra Energy’s dividend payout ratio (DPR) is presently 50.60%.

Insider Activity

In other news, SVP Adam M. Vela sold 16,435 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $26.76, for a total value of $439,800.60. Following the transaction, the senior vice president now owns 72,409 shares of the company’s stock, valued at $1,937,664.84. This represents a 18.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CTRA. Roth Mkm raised shares of Coterra Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from $25.00 to $29.00 in a report on Tuesday, August 27th. Morgan Stanley increased their target price on shares of Coterra Energy from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. UBS Group increased their target price on shares of Coterra Energy from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Stephens increased their target price on shares of Coterra Energy from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, Piper Sandler increased their price objective on shares of Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.47.

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.