HITE Hedge Asset Management LLC Has $16.95 Million Stock Holdings in Coterra Energy Inc. (NYSE:CTRA)

HITE Hedge Asset Management LLC boosted its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 406.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 707,729 shares of the company’s stock after purchasing an additional 567,934 shares during the quarter. Coterra Energy comprises approximately 2.0% of HITE Hedge Asset Management LLC’s holdings, making the stock its 18th largest position. HITE Hedge Asset Management LLC owned about 0.10% of Coterra Energy worth $16,950,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Fortitude Family Office LLC grew its position in shares of Coterra Energy by 154.9% during the 2nd quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock valued at $25,000 after purchasing an additional 567 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Coterra Energy by 98.0% during the second quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock valued at $29,000 after purchasing an additional 535 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Coterra Energy by 31.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,351 shares of the company’s stock valued at $64,000 after buying an additional 557 shares during the period. Values First Advisors Inc. acquired a new position in Coterra Energy during the third quarter valued at approximately $57,000. Finally, Family Firm Inc. bought a new stake in shares of Coterra Energy during the 2nd quarter valued at $68,000. 87.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CTRA shares. Wells Fargo & Company lifted their price objective on Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Roth Capital upgraded shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley boosted their price objective on shares of Coterra Energy from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Stephens raised their price objective on shares of Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. decreased their price objective on Coterra Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.47.

Insiders Place Their Bets

In related news, SVP Adam M. Vela sold 16,435 shares of Coterra Energy stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $26.76, for a total transaction of $439,800.60. Following the completion of the transaction, the senior vice president now directly owns 72,409 shares in the company, valued at approximately $1,937,664.84. This trade represents a 18.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.70% of the company’s stock.

Coterra Energy Trading Down 2.4 %

Coterra Energy stock opened at $26.08 on Tuesday. 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 1 year low of $22.30 and a 1 year high of $28.90. The firm’s 50 day moving average price is $24.75 and its two-hundred day moving average price is $25.35. The firm has a market cap of $19.21 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 1.74 and a beta of 0.26.

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

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were given a dividend of $0.21 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a yield of 3.22%. Coterra Energy’s dividend payout ratio is presently 50.60%.

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.