Coterra Energy Inc. (NYSE:CTRA) Increases Dividend to $0.22 Per Share

Coterra Energy Inc. (NYSE:CTRA) announced a quarterly dividend on Monday, February 24th, Wall Street Journal reports. Investors of record on Thursday, March 13th will be paid a dividend of 0.22 per share on Thursday, March 27th. This represents a $0.88 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Thursday, March 13th. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21.

Coterra Energy has raised its dividend by an average of 23.6% annually over the last three years. Coterra Energy has a dividend payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Coterra Energy to earn $3.13 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 26.8%.

Coterra Energy Price Performance

Shares of NYSE CTRA traded down $0.60 during trading on Tuesday, hitting $27.38. The company had a trading volume of 12,760,878 shares, compared to its average volume of 6,175,813. Coterra Energy has a 52 week low of $22.30 and a 52 week high of $29.95. The business’s 50-day moving average is $27.23 and its 200 day moving average is $25.43. The company has a market cap of $20.17 billion, a P/E ratio of 16.49, a PEG ratio of 0.59 and a beta of 0.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61.

Insider Buying and Selling

In other news, SVP Kevin William Smith sold 29,643 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $26.16, for a total transaction of $775,460.88. Following the sale, the senior vice president now directly owns 77,075 shares in the company, valued at approximately $2,016,282. The trade was a 27.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Stephens upped their target price on Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Barclays upped their price target on shares of Coterra Energy from $33.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Piper Sandler boosted their price target on Coterra Energy from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group raised their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Truist Financial boosted their target price on shares of Coterra Energy from $33.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.42.

Coterra Energy Company 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.