Primecap Management Co. CA Sells 1,175,900 Shares of Coterra Energy Inc. (NYSE:CTRA)

Primecap Management Co. CA cut its stake in Coterra Energy Inc. (NYSE:CTRA) by 35.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,114,020 shares of the company’s stock after selling 1,175,900 shares during the quarter. Primecap Management Co. CA’s holdings in Coterra Energy were worth $53,992,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Counterpoint Mutual Funds LLC grew its stake in shares of Coterra Energy by 23.7% in the fourth quarter. Counterpoint Mutual Funds LLC now owns 12,357 shares of the company’s stock worth $316,000 after acquiring an additional 2,366 shares during the period. Cibc World Markets Corp grew its stake in shares of Coterra Energy by 15.6% in the fourth quarter. Cibc World Markets Corp now owns 116,338 shares of the company’s stock worth $2,971,000 after acquiring an additional 15,681 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Coterra Energy by 39.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 148,867 shares of the company’s stock worth $3,802,000 after acquiring an additional 42,236 shares during the period. Natixis Advisors LLC grew its stake in shares of Coterra Energy by 11.6% in the fourth quarter. Natixis Advisors LLC now owns 398,833 shares of the company’s stock worth $10,186,000 after acquiring an additional 41,383 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of Coterra Energy in the fourth quarter worth approximately $236,000. 87.92% of the stock is currently owned by institutional investors.

Coterra Energy Price Performance

NYSE:CTRA opened at $28.74 on Wednesday. The company has a 50 day moving average price of $27.84 and a 200-day moving average price of $25.74. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.95. The firm has a market cap of $21.96 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.61 and a quick ratio of 1.56.

Coterra Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.06%. 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%.

Analysts Set New Price Targets

A number of analysts have recently commented on CTRA shares. Williams Trading set a $37.00 price target on shares of Coterra Energy in a research note on Wednesday, March 5th. Johnson Rice raised shares of Coterra Energy from a “hold” rating to an “accumulate” rating and raised their price objective for the stock from $34.00 to $37.00 in a report on Wednesday, March 12th. Barclays raised their price objective on shares of Coterra Energy from $37.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup raised their price objective on shares of Coterra Energy from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Coterra Energy from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.14.

Insider Activity

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction of $941,735.74. Following the sale, the senior vice president now directly owns 126,770 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

About Coterra Energy

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.