Coterra Energy Inc. Announces Quarterly Dividend of $0.21 (NYSE:CTRA)

Coterra Energy Inc. (NYSE:CTRA) declared a quarterly dividend on Friday, May 3rd, Wall Street Journal reports. Stockholders of record on Thursday, May 16th will be given a dividend of 0.21 per share on Thursday, May 30th. This represents a $0.84 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, May 15th.

Coterra Energy has increased its dividend by an average of 26.0% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Coterra Energy has a payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Coterra Energy to earn $2.82 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 29.8%.

Coterra Energy Price Performance

Shares of Coterra Energy stock traded up $1.03 on Friday, hitting $28.19. The company had a trading volume of 11,385,949 shares, compared to its average volume of 6,791,417. Coterra Energy has a 52 week low of $22.91 and a 52 week high of $29.89. The company has a market cap of $21.19 billion, a PE ratio of 13.17 and a beta of 0.22. The business has a 50-day simple moving average of $27.30 and a 200-day simple moving average of $26.40. 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 announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. Coterra Energy had a net margin of 27.48% and a return on equity of 12.97%. Research analysts expect that Coterra Energy will post 1.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CTRA shares. Bank of America raised Coterra Energy from a “neutral” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Friday, January 5th. UBS Group boosted their target price on shares of Coterra Energy from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Morgan Stanley lifted their price objective on shares of Coterra Energy from $26.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 17th. Stephens reissued an “overweight” rating and set a $39.00 target price on shares of Coterra Energy in a research report on Tuesday, January 23rd. Finally, Mizuho boosted their price target on Coterra Energy from $34.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Coterra Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.67.

Insider Buying and Selling

In other Coterra Energy news, VP Michael D. Deshazer sold 14,000 shares of the company’s 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 transaction, the vice president now owns 93,988 shares of the company’s stock, valued at approximately $2,449,327.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction, the vice president now owns 93,988 shares in the company, valued at approximately $2,449,327.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Todd M. Roemer sold 55,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was 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 in the company, valued at approximately $4,783,071.48. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

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.