Coterra Energy (NYSE:CTRA) Reaches New 12-Month High After Analyst Upgrade

Coterra Energy Inc. (NYSE:CTRA) shares reached a new 52-week high during mid-day trading on Monday after Barclays raised their price target on the stock from $34.00 to $37.00. Barclays currently has an overweight rating on the stock. Coterra Energy traded as high as $32.71 and last traded at $32.4870, with a volume of 3313937 shares. The stock had previously closed at $32.15.

Several other research analysts have also recently weighed in on the stock. Wolfe Research boosted their price target on shares of Coterra Energy from $33.00 to $40.00 in a report on Tuesday, February 3rd. Jefferies Financial Group increased their price objective on shares of Coterra Energy from $26.00 to $28.00 in a research note on Monday, March 9th. Mizuho lifted their target price on shares of Coterra Energy from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Johnson Rice cut their target price on Coterra Energy from $38.00 to $37.00 in a research note on Friday, December 5th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $31.00 target price on shares of Coterra Energy in a report on Tuesday, February 3rd. Fourteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.43.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Davis Selected Advisers raised its stake in Coterra Energy by 63.6% in the 4th quarter. Davis Selected Advisers now owns 32,537,508 shares of the company’s stock valued at $856,387,000 after acquiring an additional 12,654,027 shares during the period. Kimmeridge Energy Management Company LLC bought a new position in Coterra Energy during the fourth quarter worth about $165,364,000. Vanguard Group Inc. increased its stake in shares of Coterra Energy by 4.0% in the third quarter. Vanguard Group Inc. now owns 98,991,567 shares of the company’s stock worth $2,341,151,000 after purchasing an additional 3,781,606 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Coterra Energy by 287.7% in the third quarter. AQR Capital Management LLC now owns 4,573,111 shares of the company’s stock worth $108,154,000 after purchasing an additional 3,393,697 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new stake in shares of Coterra Energy in the fourth quarter valued at approximately $62,360,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Coterra Energy Stock Up 1.0%

The company has a market capitalization of $24.66 billion, a PE ratio of 14.27, a PEG ratio of 0.80 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.19. The stock’s 50 day moving average is $29.01 and its 200 day moving average is $26.37.

Coterra Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 11th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Coterra Energy’s payout ratio is presently 38.60%.

Coterra Energy Company Profile

Coterra Energy (NYSE: CTRA) is an independent oil and natural gas exploration and production company focused on the development, production and optimization of onshore hydrocarbon resources in the United States. The company’s operations center on the exploration, drilling, completion and production of crude oil, natural gas and natural gas liquids (NGLs), with an emphasis on maximizing operational efficiency and capital discipline across its asset base.

Its business activities include identifying and developing resource-rich acreage, operating producing wells, managing reservoir performance and marketing produced hydrocarbons to a range of midstream and energy customers.