Meridian Wealth Management LLC Purchases New Position in Coterra Energy Inc. (NYSE:CTRA)

Meridian Wealth Management LLC purchased a new stake in shares of Coterra Energy Inc. (NYSE:CTRA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 18,572 shares of the company’s stock, valued at approximately $445,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in Coterra Energy by 0.6% during the 2nd quarter. Fifth Third Bancorp now owns 71,138 shares of the company’s stock valued at $1,897,000 after purchasing an additional 399 shares during the last quarter. TCW Group Inc. increased its position in Coterra Energy by 4.0% in the 2nd quarter. TCW Group Inc. now owns 10,447 shares of the company’s stock valued at $279,000 after acquiring an additional 404 shares in the last quarter. Cornercap Investment Counsel Inc. increased its position in Coterra Energy by 0.7% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 66,280 shares of the company’s stock valued at $1,768,000 after acquiring an additional 436 shares in the last quarter. Bruce G. Allen Investments LLC increased its position in Coterra Energy by 17.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 3,033 shares of the company’s stock valued at $73,000 after acquiring an additional 450 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in Coterra Energy by 1.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 33,559 shares of the company’s stock valued at $804,000 after acquiring an additional 474 shares in the last quarter. 87.92% of the stock is owned by institutional investors.

Coterra Energy Stock Up 0.7 %

Shares of NYSE CTRA opened at $27.63 on Monday. The stock has a market cap of $20.35 billion, a P/E ratio of 16.64, a P/E/G ratio of 1.78 and a beta of 0.22. The firm has a 50 day moving average price of $24.36 and a 200 day moving average price of $25.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.56 and a current ratio of 1.61. Coterra Energy Inc. has a 52-week low of $22.30 and a 52-week high of $28.90.

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 firm 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 revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 EPS. Analysts expect that Coterra Energy Inc. will post 1.53 EPS for the current year.

Coterra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Thursday, November 14th. Coterra Energy’s payout ratio is currently 50.60%.

Insider Buying and Selling at Coterra Energy

In other Coterra Energy news, SVP Adam M. Vela sold 16,435 shares of Coterra Energy stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $26.76, for a total value of $439,800.60. Following the transaction, the senior vice president now owns 72,409 shares of the company’s stock, valued at approximately $1,937,664.84. The trade was a 18.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CTRA shares. Barclays raised their price objective on shares of Coterra Energy from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. UBS Group raised their price objective on shares of Coterra Energy from $31.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. lowered 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 report on Thursday, September 12th. Scotiabank lowered their price objective on shares of Coterra Energy from $35.00 to $32.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Stephens raised their price objective on shares of Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.41.

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.