Meiji Yasuda Asset Management Co Ltd. Boosts Stock Position in Coterra Energy Inc. (NYSE:CTRA)

Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 15.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 29,864 shares of the company’s stock after buying an additional 4,070 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Coterra Energy were worth $763,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Coterra Energy by 28.4% in the 3rd quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock worth $1,705,480,000 after purchasing an additional 15,736,247 shares during the last quarter. Holocene Advisors LP raised its holdings 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 buying an additional 2,954,675 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Coterra Energy in the fourth quarter worth about $61,461,000. Truist Financial Corp lifted its stake in shares of Coterra Energy by 668.0% in the fourth quarter. Truist Financial Corp now owns 1,616,660 shares of the company’s stock worth $41,289,000 after buying an additional 1,406,170 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Coterra Energy by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,467,326 shares of the company’s stock valued at $599,356,000 after buying an additional 1,310,965 shares during the last quarter. 87.92% of the stock is owned by institutional investors.

Coterra Energy Price Performance

Shares of Coterra Energy stock opened at $28.51 on Friday. The stock’s fifty day moving average is $27.93 and its 200 day moving average is $25.97. Coterra Energy Inc. has a one year low of $22.30 and a one year high of $29.95. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. The stock has a market cap of $21.79 billion, a P/E ratio of 17.18, a P/E/G ratio of 0.59 and a beta of 0.26.

Coterra Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were 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 3.09%. The ex-dividend date was Thursday, March 13th. Coterra Energy’s payout ratio is presently 58.28%.

Insider Activity at Coterra Energy

In other news, SVP Michael D. Deshazer sold 35,377 shares of the company’s 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 $3,374,617.40. This represents a 21.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kevin William Smith sold 25,733 shares of Coterra Energy stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total value of $748,572.97. Following the sale, the senior vice president now directly owns 106,114 shares in the company, valued at $3,086,856.26. This trade represents a 19.52 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial upped their price objective on Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Morgan Stanley dropped their price objective on Coterra Energy from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Thursday. Jefferies Financial Group boosted their target price on Coterra Energy from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Tuesday, February 4th. Johnson Rice raised shares of Coterra Energy from a “hold” rating to an “accumulate” rating and raised their price target for the company from $34.00 to $37.00 in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Coterra Energy from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Three equities 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.35.

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.