Bank of Nova Scotia Buys 487,829 Shares of Coterra Energy Inc. (NYSE:CTRA)

Bank of Nova Scotia grew its position in Coterra Energy Inc. (NYSE:CTRA - Free Report) by 513.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 582,810 shares of the company's stock after buying an additional 487,829 shares during the period. Bank of Nova Scotia owned 0.08% of Coterra Energy worth $14,885,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTRA. Wellington Management Group LLP increased its stake in Coterra Energy by 1.9% during the fourth quarter. Wellington Management Group LLP now owns 72,528,767 shares of the company's stock worth $1,852,385,000 after purchasing an additional 1,318,754 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Coterra Energy by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,467,326 shares of the company's stock worth $599,356,000 after purchasing an additional 1,310,965 shares during the period. Geode Capital Management LLC raised its position in Coterra Energy by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 19,096,761 shares of the company's stock valued at $486,528,000 after purchasing an additional 96,059 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Coterra Energy by 5.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,808,693 shares of the company's stock worth $454,834,000 after acquiring an additional 845,609 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Coterra Energy by 9.0% in the 4th quarter. Invesco Ltd. now owns 12,232,484 shares of the company's stock valued at $312,418,000 after purchasing an additional 1,011,166 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company's stock.

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Analyst Ratings Changes

CTRA has been the topic of several research analyst reports. UBS Group cut their target price on Coterra Energy from $37.00 to $33.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Jefferies Financial Group lifted their target price on shares of Coterra Energy from $26.00 to $28.00 and gave the company a "hold" rating in a report on Tuesday, February 4th. The Goldman Sachs Group 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 note on Wednesday, February 12th. Raymond James cut their price target on shares of Coterra Energy from $41.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. cut their target price on Coterra Energy from $36.00 to $33.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.10.

Coterra Energy Stock Up 2.6 %

CTRA traded up $0.65 during trading on Wednesday, hitting $25.97. The company had a trading volume of 1,180,823 shares, compared to its average volume of 6,197,085. The company has a market cap of $19.85 billion, a PE ratio of 15.64, a P/E/G ratio of 0.59 and a beta of 0.47. The business has a 50-day moving average of $27.28 and a 200-day moving average of $26.29. 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 Inc. has a 1-year low of $22.30 and a 1-year high of $29.95.

Coterra Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a $0.22 dividend. This is an increase from Coterra Energy's previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Thursday, March 13th. Coterra Energy's payout ratio is presently 58.28%.

Insider Transactions at Coterra Energy

In other Coterra Energy news, SVP Kevin William Smith sold 25,733 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the transaction, the senior vice president now owns 106,114 shares in the company, valued at approximately $3,086,856.26. The trade was a 19.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael D. Deshazer sold 35,377 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $26.62, for a total transaction 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 $3,374,617.40. This trade represents a 21.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.