Coterra Energy (NYSE:CTRA) PT Raised to $29.00 at Morgan Stanley

Coterra Energy (NYSE:CTRA) had its target price hoisted by equities researchers at Morgan Stanley from $26.00 to $29.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 6.07% from the company’s current price.

CTRA has been the topic of several other reports. Bank of America upgraded Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Friday, January 5th. Piper Sandler raised their price objective on Coterra Energy from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Susquehanna raised Coterra Energy from a “neutral” rating to a “positive” rating and dropped their price objective for the stock from $31.00 to $30.00 in a research note on Friday, January 26th. Raymond James raised their price objective on Coterra Energy from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Finally, UBS Group raised their price objective on Coterra Energy from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Coterra Energy has an average rating of “Moderate Buy” and an average price target of $32.20.

Coterra Energy Price Performance

Shares of CTRA traded up $0.15 during mid-day trading on Wednesday, reaching $27.34. The company had a trading volume of 4,021,610 shares, compared to its average volume of 6,921,837. The company has a market capitalization of $20.56 billion, a P/E ratio of 12.80 and a beta of 0.21. Coterra Energy has a twelve month low of $22.91 and a twelve month high of $29.89. The company’s 50-day moving average is $26.47 and its 200-day moving average is $26.36. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.21 and a quick ratio of 1.18.

Coterra Energy (NYSE:CTRA) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. Coterra Energy had a return on equity of 12.97% and a net margin of 27.48%. On average, equities analysts anticipate that Coterra Energy will post 1.92 EPS for the current year.

Insider Activity

In other news, VP Michael D. Deshazer sold 14,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $26.06, for a total value of $364,840.00. Following the completion of the sale, the vice president now directly owns 93,988 shares in the company, valued at approximately $2,449,327.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Todd M. Roemer sold 55,000 shares of Coterra Energy stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $27.06, for a total value of $1,488,300.00. Following the sale, the chief accounting officer now owns 176,758 shares of the company’s stock, valued at approximately $4,783,071.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael D. Deshazer sold 14,000 shares of Coterra Energy stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $26.06, for a total transaction of $364,840.00. Following the completion of the sale, the vice president now directly owns 93,988 shares in the company, valued at approximately $2,449,327.28. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp grew its position in shares of Coterra Energy by 2.1% during the 3rd quarter. Van ECK Associates Corp now owns 113,399 shares of the company’s stock valued at $3,068,000 after purchasing an additional 2,376 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Coterra Energy in the third quarter worth $1,461,000. HITE Hedge Asset Management LLC purchased a new position in Coterra Energy in the fourth quarter worth $11,485,000. Nordea Investment Management AB grew its position in Coterra Energy by 3.9% in the third quarter. Nordea Investment Management AB now owns 803,979 shares of the company’s stock worth $21,844,000 after acquiring an additional 30,237 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its position in Coterra Energy by 5.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 13,443 shares of the company’s stock worth $343,000 after acquiring an additional 679 shares in the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.

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.