Wells Fargo & Company Cuts Coterra Energy (NYSE:CTRA) Price Target to $32.00

Coterra Energy (NYSE:CTRA) had its price objective trimmed by Wells Fargo & Company from $34.00 to $32.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also commented on CTRA. Wolfe Research initiated coverage on Coterra Energy in a report on Thursday, July 18th. They issued an outperform rating and a $35.00 price objective on the stock. Piper Sandler cut their price target on shares of Coterra Energy from $39.00 to $31.00 and set an overweight rating for the company in a report on Thursday, August 15th. Truist Financial decreased their target price on Coterra Energy from $34.00 to $31.00 and set a buy rating on the stock in a research report on Monday, September 30th. Roth Capital raised Coterra Energy from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Coterra Energy from $31.00 to $26.00 and set an overweight rating for the company in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Coterra Energy currently has an average rating of Moderate Buy and an average price target of $32.24.

Coterra Energy Stock Performance

NYSE CTRA opened at $24.86 on Tuesday. Coterra Energy has a fifty-two week low of $22.30 and a fifty-two week high of $29.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40. The firm has a market capitalization of $18.50 billion, a P/E ratio of 14.37, a PEG ratio of 1.37 and a beta of 0.22. The stock has a 50-day simple moving average of $23.91 and a two-hundred day simple moving average of $26.22.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Coterra Energy had a return on equity of 10.48% and a net margin of 23.18%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 EPS. On average, equities analysts forecast that Coterra Energy will post 1.74 earnings per share for the current year.

Coterra Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Thursday, August 15th. Coterra Energy’s dividend payout ratio is presently 48.55%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Alpha Omega Wealth Management LLC purchased a new position in shares of Coterra Energy during the third quarter worth $2,918,000. Czech National Bank lifted its stake in Coterra Energy by 6.2% during the 3rd quarter. Czech National Bank now owns 150,598 shares of the company’s stock worth $3,607,000 after acquiring an additional 8,777 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Coterra Energy during the 2nd quarter valued at about $3,420,000. New Wave Wealth Advisors LLC acquired a new position in Coterra Energy in the 2nd quarter valued at about $245,000. Finally, Cetera Investment Advisers increased its stake in Coterra Energy by 2.2% during the second quarter. Cetera Investment Advisers now owns 213,650 shares of the company’s stock worth $5,698,000 after purchasing an additional 4,555 shares during the period. Hedge funds and other institutional investors own 87.92% of the company’s stock.

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.