Raymond James Cuts Coterra Energy (NYSE:CTRA) Price Target to $37.00

Coterra Energy (NYSE:CTRA) had its target price reduced by Raymond James from $41.00 to $37.00 in a research note issued to investors on Wednesday,Benzinga reports. Raymond James currently has an outperform rating on the stock.

CTRA has been the subject of a number of other reports. Johnson Rice upgraded Coterra Energy from a “hold” rating to an “accumulate” rating and lifted their target price for the company from $34.00 to $37.00 in a report on Wednesday. UBS Group lifted their price target on Coterra Energy from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Morgan Stanley lifted their price target on Coterra Energy from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Citigroup lifted their price target on Coterra Energy from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Jefferies Financial Group lifted their price target on Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Coterra Energy has an average rating of “Moderate Buy” and an average target price of $34.10.

Coterra Energy Trading Up 3.5 %

NYSE:CTRA opened at $27.66 on Wednesday. The firm has a market cap of $21.13 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26. The stock has a fifty day moving average price of $27.75 and a 200 day moving average price of $25.66. Coterra Energy has a 12-month low of $22.30 and a 12-month high of $29.95. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.18%. The ex-dividend date is Thursday, March 13th. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s payout ratio is 58.28%.

Insider Activity at Coterra Energy

In related news, SVP Michael D. Deshazer sold 35,377 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $26.62, for a total value of $941,735.74. Following the transaction, the senior vice president now owns 126,770 shares in the company, valued at $3,374,617.40. The trade was a 21.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coterra Energy

Several institutional investors have recently added to or reduced their stakes in CTRA. Wellington Management Group LLP increased its position in Coterra Energy by 28.4% during the 3rd quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock worth $1,705,480,000 after purchasing an additional 15,736,247 shares during the period. Sterling Capital Management LLC increased its position in Coterra Energy by 5,744.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,661,696 shares of the company’s stock worth $93,520,000 after purchasing an additional 3,599,042 shares during the period. Holocene Advisors LP increased its position in Coterra Energy by 187.2% during the 3rd quarter. Holocene Advisors LP now owns 4,533,269 shares of the company’s stock worth $108,572,000 after purchasing an additional 2,954,675 shares during the period. Envestnet Asset Management Inc. increased its position in Coterra Energy by 117.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 4,817,375 shares of the company’s stock worth $123,036,000 after purchasing an additional 2,600,801 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Coterra Energy during the 4th quarter worth approximately $61,461,000. Institutional investors and hedge funds own 87.92% of the company’s stock.

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.