HITE Hedge Asset Management LLC Purchases 567,934 Shares of Coterra Energy Inc. (NYSE:CTRA)

HITE Hedge Asset Management LLC raised its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 406.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 707,729 shares of the company’s stock after buying 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’s holdings in Coterra Energy were worth $16,950,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Fifth Third Bancorp increased its position in shares of Coterra Energy by 0.6% in the 2nd quarter. Fifth Third Bancorp now owns 71,138 shares of the company’s stock valued at $1,897,000 after purchasing an additional 399 shares during the last quarter. TCW Group Inc. boosted its holdings in shares of Coterra Energy by 4.0% during the second quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock worth $279,000 after purchasing an additional 404 shares during the period. Cornercap Investment Counsel Inc. boosted its stake in Coterra Energy by 0.7% during the second quarter. Cornercap Investment Counsel Inc. now owns 66,280 shares of the company’s stock worth $1,768,000 after buying an additional 436 shares in the last quarter. Bruce G. Allen Investments LLC raised its holdings in Coterra Energy by 17.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 3,033 shares of the company’s stock worth $73,000 after purchasing an additional 450 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in Coterra Energy by 1.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 33,559 shares of the company’s stock valued at $804,000 after acquiring an additional 474 shares during the period. 87.92% of the stock is currently owned by institutional investors.

Coterra Energy Stock Performance

Shares of CTRA stock opened at $26.08 on Tuesday. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $28.90. The business has a 50-day simple moving average of $24.75 and a 200-day simple moving average of $25.35. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. The stock has a market cap of $19.21 billion, a PE 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 quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.28 billion. Coterra Energy had a return on equity of 9.38% and a net margin of 21.91%. The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 earnings per share. On average, equities analysts expect that Coterra Energy Inc. will post 1.53 EPS for the current year.

Coterra Energy Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased 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 raised 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. Roth Capital raised shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. dropped their price target on shares of Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, Mizuho raised their price target on shares of Coterra Energy from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, November 1st. 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.47.

Insider Activity

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

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.