M&T Bank Corp Buys 6,321 Shares of Coterra Energy Inc. (NYSE:CTRA)

M&T Bank Corp lifted its position in Coterra Energy Inc. (NYSE:CTRA) by 2.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 311,092 shares of the company’s stock after acquiring an additional 6,321 shares during the quarter. M&T Bank Corp’s holdings in Coterra Energy were worth $7,451,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake 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 acquiring an additional 305,626 shares during the last quarter. Hartford Funds Management Co LLC purchased a new stake in Coterra Energy during the third quarter valued at $575,000. HITE Hedge Asset Management LLC lifted its position in Coterra Energy by 406.3% during the third quarter. HITE Hedge Asset Management LLC now owns 707,729 shares of the company’s stock valued at $16,950,000 after purchasing an additional 567,934 shares during the last quarter. Raymond James & Associates grew its stake in shares of Coterra Energy by 5.0% in the 2nd quarter. Raymond James & Associates now owns 1,187,663 shares of the company’s stock worth $31,675,000 after buying an additional 56,748 shares in the last quarter. Finally, MQS Management LLC bought a new stake in shares of Coterra Energy in the 3rd quarter worth about $776,000. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CTRA has been the subject of a number of analyst reports. Susquehanna increased their price target on shares of Coterra Energy from $30.00 to $33.00 and gave the company a “positive” rating in a report on Thursday, November 14th. Piper Sandler lifted their target price on Coterra Energy from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Barclays increased their price target on Coterra Energy from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on shares of Coterra Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Roth Mkm raised shares of Coterra Energy from a “neutral” rating to a “buy” rating and increased their target price for the company from $25.00 to $29.00 in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.47.

Insider Buying and Selling at Coterra Energy

In related news, SVP Kevin William Smith sold 29,643 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $26.16, for a total transaction of $775,460.88. Following the transaction, the senior vice president now directly owns 77,075 shares of the company’s stock, valued at $2,016,282. This represents a 27.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Adam M. Vela sold 16,435 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total transaction of $439,800.60. Following the transaction, the senior vice president now owns 72,409 shares in the company, valued at approximately $1,937,664.84. This trade represents a 18.50 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Coterra Energy Trading Up 2.2 %

Shares of NYSE CTRA opened at $25.36 on Thursday. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $28.90. 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 business has a fifty day simple moving average of $24.97 and a two-hundred day simple moving average of $25.25. The firm has a market cap of $18.68 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.62 and a beta of 0.27.

Coterra Energy (NYSE:CTRA) last posted its earnings results on Thursday, October 31st. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the business posted $0.47 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. Analysts expect that Coterra Energy Inc. will post 1.53 earnings per share for the current fiscal year.

Coterra Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a yield of 3.31%. Coterra Energy’s dividend payout ratio is currently 50.60%.

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.