ExodusPoint Capital Management LP Takes Position in Coterra Energy Inc. (NYSE:CTRA)

ExodusPoint Capital Management LP purchased a new position in shares of Coterra Energy Inc. (NYSE:CTRA) during the 4th quarter, Holdings Channel.com reports. The firm purchased 356,939 shares of the company’s stock, valued at approximately $9,116,000.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Coterra Energy by 11.7% in the 3rd quarter. FMR LLC now owns 911,700 shares of the company’s stock valued at $21,835,000 after purchasing an additional 95,539 shares during the last quarter. Quantbot Technologies LP bought a new position in Coterra Energy in the third quarter valued at about $193,000. Investment Management Corp of Ontario raised its stake in Coterra Energy by 47.1% during the third quarter. Investment Management Corp of Ontario now owns 24,659 shares of the company’s stock worth $591,000 after acquiring an additional 7,900 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of Coterra Energy by 17.2% in the third quarter. Royal London Asset Management Ltd. now owns 2,077,405 shares of the company’s stock worth $49,754,000 after acquiring an additional 304,240 shares during the last quarter. Finally, Systematic Financial Management LP boosted its stake in shares of Coterra Energy by 37.7% in the 3rd quarter. Systematic Financial Management LP now owns 115,250 shares of the company’s stock valued at $2,760,000 after purchasing an additional 31,555 shares in the last quarter. 87.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CTRA. Piper Sandler upped their price objective on shares of Coterra Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. The Goldman Sachs Group increased their price target on 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 reduced their price objective on Coterra Energy from $41.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 12th. UBS Group increased their target price on Coterra Energy from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Johnson Rice upgraded Coterra Energy from a “hold” rating to an “accumulate” rating and boosted their price target for the stock from $34.00 to $37.00 in a report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.35.

Insiders Place Their Bets

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 126,770 shares of the company’s stock, valued at approximately $3,374,617.40. This trade represents a 21.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin William Smith sold 25,733 shares of the business’s 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 owns 106,114 shares of the company’s stock, valued at approximately $3,086,856.26. This represents a 19.52 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Coterra Energy Price Performance

Shares of CTRA opened at $25.09 on Friday. The firm has a market cap of $19.17 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 0.59 and a beta of 0.47. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $29.95. The business’s 50 day moving average price is $27.78 and its two-hundred day moving average price is $26.19. 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 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 3.51%. Coterra Energy’s dividend payout ratio is currently 58.28%.

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.