Sumitomo Mitsui DS Asset Management Company Ltd has significantly reduced its investment in Coterra Energy Inc., according to a recent filing with the Securities and Exchange Commission (SEC). The asset management firm decreased its holdings by 33.1% during the second quarter of 2023, resulting in ownership of 93,651 shares valued at approximately $2.38 million.
The firm’s reduction involved the sale of 46,324 shares during the quarter. This move reflects broader trends among institutional investors, many of whom have also adjusted their positions in Coterra. For instance, Cornerstone Planning Group LLC increased its stake in Coterra Energy by 175.6% in the first quarter, now owning 871 shares worth $25,000 after acquiring an additional 555 shares.
Other notable adjustments include Raleigh Capital Management Inc.’s impressive stake increase of 463.5% in the same quarter, leading to ownership of 896 shares valued at $26,000. Additionally, Banque Cantonale Vaudoise and Wayfinding Financial LLC entered new positions in Coterra, worth approximately $29,000 and $34,000 respectively.
Institutional investors now hold 87.92% of Coterra Energy’s stock, highlighting the significant influence of these entities in the company’s market dynamics.
Performance Overview of Coterra Energy
As of the latest trading session, shares of Coterra Energy (NYSE: CTRA) opened at $23.28. The company’s financial ratios reflect its operational stability, with a quick ratio of 1.08 and a current ratio of 1.13. Coterra’s debt-to-equity ratio stands at 0.29, indicating a relatively low level of debt compared to equity.
Coterra Energy’s performance over the past year has shown fluctuations, with a 12-month low of $22.46 and a 12-month high of $29.95. The company boasts a market capitalization of $17.77 billion, a price-to-earnings (P/E) ratio of 11.14, and a price-to-earnings-growth (PEG) ratio of 0.33. Its 50-day moving average is $24.03, while the 200-day moving average is $25.22.
Coterra Energy released its financial results on August 4, 2023, reporting earnings per share (EPS) of $0.48, which fell short of analysts’ expectations of $0.50. Despite this, the company reported a net margin of 23.80% and a return on equity of 10.99%. Revenue for the quarter reached $1.97 billion, surpassing the analysts’ estimate of $1.78 billion, and marking a substantial 54.6% increase year-over-year.
Dividend and Analyst Ratings
Coterra Energy recently announced a quarterly dividend of $0.22, paid on August 28, 2023. Shareholders on record as of August 14 received the dividend, which translates to an annualized rate of $0.88 and a dividend yield of 3.8%. The company’s dividend payout ratio (DPR) stands at 42.11%, indicating a balanced approach to returning value to shareholders while maintaining reinvestment capabilities.
Recent ratings from various research firms highlight the mixed outlook for Coterra Energy. Wells Fargo & Company raised its price objective from $32.00 to $33.00, maintaining an “overweight” rating. Similarly, Barclays upped its target from $35.00 to $37.00, also rating the stock as “overweight.” Conversely, Mizuho adjusted its price target downward from $36.00 to $33.00, while maintaining an “outperform” rating.
In total, fourteen investment analysts have issued a Buy rating for Coterra Energy, while four have given it a Hold rating. Current consensus reflects a “Moderate Buy” average rating with a target price of $33.22, according to data from MarketBeat.com.
Coterra Energy, based in the United States, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids. Its significant properties include the Marcellus Shale, the Permian Basin, and the Anadarko Basin, which collectively cover substantial acreage across key energy-producing regions.
