State of Michigan Retirement System Decreases Stock Position in Coterra Energy Inc. (NYSE:CTRA)

State of Michigan Retirement System reduced its position in Coterra Energy Inc. (NYSE:CTRA) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 231,159 shares of the company’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in Coterra Energy were worth $5,904,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CTRA. Charles Schwab Investment Management Inc. grew its position in Coterra Energy by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 22,156,361 shares of the company’s stock worth $530,645,000 after purchasing an additional 305,626 shares during the period. Czech National Bank grew its position in Coterra Energy by 6.1% in the 4th quarter. Czech National Bank now owns 159,713 shares of the company’s stock worth $4,079,000 after purchasing an additional 9,115 shares during the period. Bourgeon Capital Management LLC grew its position in Coterra Energy by 107.0% in the 4th quarter. Bourgeon Capital Management LLC now owns 236,952 shares of the company’s stock worth $6,052,000 after purchasing an additional 122,487 shares during the period. Hartford Funds Management Co LLC bought a new stake in Coterra Energy in the 3rd quarter worth approximately $575,000. Finally, M.E. Allison & CO. Inc. bought a new stake in Coterra Energy in the 4th quarter worth approximately $217,000. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Coterra Energy from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Jefferies Financial Group boosted their price objective on shares of Coterra Energy from $26.00 to $28.00 and gave the company a “hold” rating in a research report on Tuesday, February 4th. Raymond James boosted their price objective on shares of Coterra Energy from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Piper Sandler boosted their price objective on shares of Coterra Energy from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Truist Financial boosted their price objective on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Three investment 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.63.

Coterra Energy Stock Down 2.3 %

Shares of CTRA stock opened at $25.50 on Friday. The stock has a market cap of $19.49 billion, a P/E ratio of 15.36, a PEG ratio of 0.59 and a beta of 0.26. Coterra Energy Inc. has a 52 week low of $22.30 and a 52 week high of $29.95. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16. The company’s fifty day simple moving average is $27.60 and its two-hundred day simple moving average is $25.54.

Coterra Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.88 annualized dividend and a yield of 3.45%. This is a boost from Coterra Energy’s previous quarterly dividend of $0.21. Coterra Energy’s payout ratio is presently 58.28%.

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.