Franklin Resources Inc. Acquires 341,180 Shares of Coterra Energy Inc. (NYSE:CTRA)

Franklin Resources Inc. lifted its stake in shares of Coterra Energy Inc. (NYSE:CTRA) by 40.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,194,064 shares of the company’s stock after buying an additional 341,180 shares during the quarter. Franklin Resources Inc.’s holdings in Coterra Energy were worth $29,147,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Coterra Energy by 6.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 38,058 shares of the company’s stock worth $1,015,000 after acquiring an additional 2,307 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Coterra Energy by 4.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 13,969 shares of the company’s stock valued at $373,000 after purchasing an additional 555 shares during the last quarter. Blue Trust Inc. increased its position in Coterra Energy by 190.6% during the 2nd quarter. Blue Trust Inc. now owns 3,295 shares of the company’s stock worth $92,000 after purchasing an additional 2,161 shares in the last quarter. Raymond James & Associates lifted its stake in Coterra Energy by 5.0% in the 2nd quarter. Raymond James & Associates now owns 1,187,663 shares of the company’s stock valued at $31,675,000 after purchasing an additional 56,748 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in Coterra Energy by 0.6% in the second quarter. Fifth Third Bancorp now owns 71,138 shares of the company’s stock valued at $1,897,000 after buying an additional 399 shares in the last quarter. 87.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coterra Energy

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

Coterra Energy Price Performance

Shares of NYSE:CTRA opened at $23.74 on Thursday. Coterra Energy Inc. has a twelve month low of $22.30 and a twelve month high of $28.90. The stock’s 50 day moving average is $25.00 and its 200-day moving average is $25.16. 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 firm has a market capitalization of $17.49 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.64 and a beta of 0.27.

Coterra Energy (NYSE:CTRA) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.28 billion. Coterra Energy had a net margin of 21.91% and a return on equity of 9.38%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share. Sell-side analysts forecast that Coterra Energy Inc. will post 1.53 EPS for the current fiscal year.

Coterra Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.21 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.84 annualized dividend and a dividend yield of 3.54%. Coterra Energy’s payout ratio is 50.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CTRA shares. Stephens raised their price objective on Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, November 1st. JPMorgan Chase & Co. cut their target price on shares of Coterra Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Roth Capital upgraded shares of Coterra Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Roth Mkm upgraded Coterra Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from $25.00 to $29.00 in a report on Tuesday, August 27th. Finally, Susquehanna increased their price target on Coterra Energy from $30.00 to $33.00 and gave the company a “positive” rating in a research note on Thursday, November 14th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.53.

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.