Nikko Asset Management Americas Inc. Reduces Stake in Coterra Energy Inc. (NYSE:CTRA)

Nikko Asset Management Americas Inc. cut its position in shares of Coterra Energy Inc. (NYSE:CTRA) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,338 shares of the company’s stock after selling 6,319 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Coterra Energy were worth $928,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Coterra Energy by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 22,156,361 shares of the company’s stock worth $530,645,000 after buying an additional 305,626 shares in the last quarter. Czech National Bank lifted its holdings in shares of Coterra Energy by 6.1% in the fourth quarter. Czech National Bank now owns 159,713 shares of the company’s stock valued at $4,079,000 after purchasing an additional 9,115 shares in the last quarter. Bourgeon Capital Management LLC grew its position in shares of Coterra Energy by 107.0% in the fourth quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock valued at $6,052,000 after purchasing an additional 122,487 shares during the last quarter. Hartford Funds Management Co LLC purchased a new position in shares of Coterra Energy during the 3rd quarter worth approximately $575,000. Finally, M.E. Allison & CO. Inc. acquired a new position in shares of Coterra Energy during the 4th quarter worth approximately $217,000. Institutional investors and hedge funds own 87.92% of the company’s stock.

Insider Activity at Coterra Energy

In related news, SVP Michael D. Deshazer sold 35,377 shares of the 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 completion of the transaction, the senior vice president now owns 126,770 shares of the company’s stock, valued at approximately $3,374,617.40. This represents a 21.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.70% of the company’s stock.

Coterra Energy Stock Performance

Shares of NYSE:CTRA opened at $28.16 on Tuesday. The business’s 50-day simple moving average is $27.79 and its 200 day simple moving average is $25.71. The company has a market cap of $21.52 billion, a P/E ratio of 16.97, 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. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $29.95.

Coterra Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be given a dividend of $0.22 per share. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Thursday, March 13th. Coterra Energy’s payout ratio is presently 58.28%.

Analysts Set New Price Targets

CTRA has been the topic of a number of analyst reports. Citigroup increased their target price on Coterra Energy from $28.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Raymond James cut their target price on shares of Coterra Energy from $41.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, March 12th. Jefferies Financial Group raised their price target on shares of Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research note on Tuesday, February 4th. Truist Financial boosted 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 Monday, January 13th. Finally, Barclays raised their target price on shares of Coterra Energy from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.10.

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.