JPMorgan Chase & Co. Lowers Coterra Energy (NYSE:CTRA) Price Target to $33.00

Coterra Energy (NYSE:CTRA - Free Report) had its target price decreased by JPMorgan Chase & Co. from $36.00 to $33.00 in a report issued on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

CTRA has been the topic of a number of other reports. Williams Trading set a $37.00 price target on shares of Coterra Energy in a report on Wednesday, March 5th. Raymond James lowered their target price on shares of Coterra Energy from $41.00 to $37.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 12th. Truist Financial raised their price target on shares of Coterra Energy from $33.00 to $37.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley upped their price target on shares of Coterra Energy from $27.00 to $29.00 and gave the stock an "equal weight" rating in a report on Thursday, November 14th. Finally, Johnson Rice raised Coterra Energy from a "hold" rating to an "accumulate" rating and lifted their price objective for the company from $34.00 to $37.00 in a research note on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $34.10.

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Coterra Energy Stock Performance

Shares of NYSE:CTRA traded up $0.47 during midday trading on Thursday, reaching $28.10. 2,526,620 shares of the company traded hands, compared to its average volume of 6,349,768. The firm's fifty day moving average price is $27.75 and its two-hundred day moving average price is $25.68. The firm has a market capitalization of $21.47 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. Coterra Energy has a 12 month low of $22.30 and a 12 month high of $29.95.

Coterra Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Thursday, March 13th. This is a positive change from Coterra Energy's previous quarterly dividend of $0.21. Coterra Energy's payout ratio is 58.28%.

Insider Buying and Selling

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the stock in a transaction 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 sale, the senior vice president now owns 126,770 shares of the company's stock, valued at $3,374,617.40. This represents a 21.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coterra Energy

Several hedge funds and other institutional investors have recently modified their holdings of CTRA. Wellington Management Group LLP raised its position in Coterra Energy by 28.4% during the 3rd quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company's stock valued at $1,705,480,000 after purchasing an additional 15,736,247 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Coterra Energy by 5,744.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,661,696 shares of the company's stock valued at $93,520,000 after acquiring an additional 3,599,042 shares in the last quarter. Holocene Advisors LP lifted its stake in Coterra Energy by 187.2% in the third quarter. Holocene Advisors LP now owns 4,533,269 shares of the company's stock worth $108,572,000 after acquiring an additional 2,954,675 shares during the period. Envestnet Asset Management Inc. lifted its stake in Coterra Energy by 117.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,817,375 shares of the company's stock worth $123,036,000 after acquiring an additional 2,600,801 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Coterra Energy during the 4th quarter valued at $61,461,000. 87.92% of the stock is owned by institutional investors.

Coterra Energy Company 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.