KLP Kapitalforvaltning AS Invests $18.84 Million in Coterra Energy Inc. (NYSE:CTRA)

KLP Kapitalforvaltning AS bought a new position in shares of Coterra Energy Inc. (NYSE:CTRA) in the fourth quarter, Holdings Channel reports. The institutional investor bought 737,700 shares of the company’s stock, valued at approximately $18,841,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its position in Coterra Energy by 28.4% during the third quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock worth $1,705,480,000 after acquiring an additional 15,736,247 shares during the last quarter. Holocene Advisors LP boosted its position in Coterra Energy by 187.2% during the third quarter. Holocene Advisors LP now owns 4,533,269 shares of the company’s stock worth $108,572,000 after acquiring an additional 2,954,675 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Coterra Energy during the fourth quarter worth about $61,461,000. Truist Financial Corp boosted its position in Coterra Energy by 668.0% during the fourth quarter. Truist Financial Corp now owns 1,616,660 shares of the company’s stock worth $41,289,000 after acquiring an additional 1,406,170 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in 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 worth $599,356,000 after acquiring an additional 1,310,965 shares during the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Insider Buying and Selling

In other Coterra Energy news, SVP Michael D. Deshazer sold 35,377 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $26.62, for a total value of $941,735.74. Following the sale, the senior vice president now directly owns 126,770 shares of the company’s stock, valued at approximately $3,374,617.40. This represents a 21.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kevin William Smith sold 25,733 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $29.09, for a total transaction of $748,572.97. Following the completion of the sale, the senior vice president now directly owns 106,114 shares in the company, valued at approximately $3,086,856.26. This represents a 19.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Coterra Energy Price Performance

Shares of CTRA opened at $28.73 on Monday. Coterra Energy Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $29.95. The firm’s 50 day moving average price is $27.94 and its 200 day moving average price is $25.85. The company has a market cap of $21.95 billion, a P/E ratio of 17.31, a PEG ratio of 0.59 and a beta of 0.26. The company has a quick ratio of 1.56, a current ratio of 1.61 and a debt-to-equity ratio of 0.16.

Coterra Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $0.22 per share. This is an increase from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Thursday, March 13th. Coterra Energy’s dividend payout ratio is presently 58.28%.

Wall Street Analysts Forecast Growth

CTRA has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their target price on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Citigroup boosted their target price on shares of Coterra Energy from $28.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial boosted their target price on shares of Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a report on Monday, January 13th. UBS Group boosted their target price on shares of Coterra Energy from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Coterra Energy from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.30.

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.