Envestnet Asset Management Inc. Grows Holdings in Coterra Energy Inc. (NYSE:CTRA)

Envestnet Asset Management Inc. raised its stake in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 117.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,817,375 shares of the company's stock after buying an additional 2,600,801 shares during the period. Envestnet Asset Management Inc. owned approximately 0.65% of Coterra Energy worth $123,036,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CTRA. Oarsman Capital Inc. increased its stake in Coterra Energy by 6.6% in the 4th quarter. Oarsman Capital Inc. now owns 32,834 shares of the company's stock valued at $839,000 after purchasing an additional 2,037 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Coterra Energy during the 4th quarter worth $5,454,000. Wells Fargo & Company MN boosted its position in shares of Coterra Energy by 16.1% in the 4th quarter. Wells Fargo & Company MN now owns 2,181,198 shares of the company's stock worth $55,708,000 after buying an additional 302,327 shares in the last quarter. Foundry Partners LLC acquired a new stake in Coterra Energy in the 4th quarter valued at about $11,136,000. Finally, ExodusPoint Capital Management LP purchased a new position in Coterra Energy during the 4th quarter valued at about $9,116,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Coterra Energy

In related news, SVP Kevin William Smith sold 25,733 shares of the firm's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the sale, the senior vice president now directly owns 106,114 shares of the company's stock, valued at approximately $3,086,856.26. This trade represents a 19.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael D. Deshazer sold 35,377 shares of Coterra Energy stock in a transaction on Monday, March 10th. The stock was 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 trade represents a 21.82 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.50% of the company's stock.

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Analysts Set New Price Targets

Several analysts have recently commented on the stock. Williams Trading set a $37.00 price target on shares of Coterra Energy in a research report on Wednesday, March 5th. Scotiabank dropped their price target on Coterra Energy from $38.00 to $33.00 and set a "sector outperform" rating for the company in a research report on Friday. Jefferies Financial Group upped their price objective on Coterra Energy from $26.00 to $28.00 and gave the company a "hold" rating in a research report on Tuesday, February 4th. Piper Sandler lifted their price objective on Coterra Energy from $34.00 to $37.00 and gave the stock an "overweight" rating in a research report on Thursday, March 6th. Finally, Johnson Rice upgraded shares of Coterra Energy from a "hold" rating to an "accumulate" rating and upped their target price for the company from $34.00 to $37.00 in a report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Coterra Energy has an average rating of "Moderate Buy" and an average target price of $34.20.

Coterra Energy Stock Up 1.7 %

Shares of NYSE:CTRA traded up $0.43 during midday trading on Friday, hitting $25.13. 7,199,604 shares of the company's stock traded hands, compared to its average volume of 6,224,564. The firm's fifty day moving average price is $27.38 and its two-hundred day moving average price is $26.29. 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 twelve month low of $22.30 and a twelve month high of $29.95. The company has a market cap of $19.20 billion, a PE ratio of 15.14, a P/E/G ratio of 0.59 and a beta of 0.47.

Coterra Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Thursday, March 13th. This is a boost from Coterra Energy's previous quarterly dividend of $0.21. Coterra Energy's payout ratio is currently 58.28%.

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.