Short Interest in Coterra Energy Inc. (NYSE:CTRA) Declines By 8.3%

Coterra Energy Inc. (NYSE:CTRA) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 16,780,000 shares, a decrease of 8.3% from the September 30th total of 18,290,000 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily trading volume, of 5,690,000 shares, the short-interest ratio is currently 2.9 days.

Analysts Set New Price Targets

Several analysts have issued reports on CTRA shares. Morgan Stanley cut their price target on shares of Coterra Energy from $29.00 to $27.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Barclays dropped their target price on shares of Coterra Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Susquehanna dropped their target price on shares of Coterra Energy from $33.00 to $30.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Scotiabank dropped their target price on shares of Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Truist Financial dropped their target price on shares of Coterra Energy from $34.00 to $31.00 and set a “buy” rating for the company in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.06.

Hedge Funds Weigh In On Coterra Energy

Several large investors have recently made changes to their positions in CTRA. Fortitude Family Office LLC raised its holdings in Coterra Energy by 154.9% in the 2nd quarter. Fortitude Family Office LLC now owns 933 shares of the company’s stock worth $25,000 after acquiring an additional 567 shares during the last quarter. Larson Financial Group LLC raised its holdings in Coterra Energy by 98.0% in the 2nd quarter. Larson Financial Group LLC now owns 1,081 shares of the company’s stock worth $29,000 after acquiring an additional 535 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Coterra Energy in the 1st quarter worth approximately $44,000. Values First Advisors Inc. purchased a new position in Coterra Energy in the 3rd quarter worth approximately $57,000. Finally, Tobam purchased a new position in Coterra Energy in the 3rd quarter worth approximately $63,000. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Coterra Energy Price Performance

CTRA stock opened at $23.93 on Friday. The firm has a 50 day moving average price of $23.82 and a 200-day moving average price of $25.74. Coterra Energy has a 52-week low of $22.30 and a 52-week high of $28.90. The firm has a market capitalization of $17.69 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.41 and a beta of 0.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.38 and a current ratio of 1.40.

Coterra Energy (NYSE:CTRA) last released its earnings results on Thursday, August 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.02). Coterra Energy had a net margin of 23.18% and a return on equity of 10.48%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the business posted $0.38 earnings per share. Coterra Energy’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts forecast that Coterra Energy will post 1.72 EPS for the current fiscal year.

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.