The Teachers Retirement System of The State of Kentucky, one of the largest pension systems in the US, has increased its holdings in shares of Coterra Energy Inc. (NYSE:CTRA) by 4.5%, according to a recent Form 13F filing with the Securities and Exchange Commission. The pension fund owned 241,914 shares of Coterra Energy at the end of Q4 2022, worth approximately $5,944,000.
Coterra Energy is a leading US oil and gas exploration and production company with a diverse portfolio of onshore assets across multiple basins. Despite choppy market conditions and price volatility within the industry, Coterra has continued to generate strong revenue growth over the past few years. Analysts expect this positive trend to continue into the future.
Several analysts have issued reports on Coterra Energy in recent months. UBS Group started coverage on the company in April this year with a “neutral” rating and a $27 price target on the stock. In May, Mizuho raised its price target from $38 to $39, while Morgan Stanley lifted theirs from $26 to $27. Stephens initiated coverage on Coterra Energy in late April this year with an “overweight” rating and a $32 price target for the company.
Despite mixed reviews from different firms, Bloomberg recently reported that Coterra Energy currently holds an average rating of “Hold” among analysts, with an average price target of just under $30 per share.
Coterra Energy’s stock opened at $25.08 on Friday June 16th – close to its 50-day simple moving average – as investors look ahead to potential changes in OPEC production quotas which could impact global oil prices over the coming months.
Overall, while both regulatory pressures and market forces are keeping investors on their toes amidst ongoing tensions in global energy markets, some experts remain bullish about companies like Coterra that show positive long-term growth prospects despite the odds. As always, investors are encouraged to do their own research and seek professional advice before making any trades or purchases in the stock market.
[bs_slider_forecast ticker=”CTRA”]
Coterra Energy Attracts Institutional Investors and Exceeds Earnings Expectations in Q1 2023 Amid Ongoing Market Conditions
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CTRA” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Coterra Energy (NYSE:CTRA) has attracted the attention of several institutional investors in recent months, including Adirondack Trust Co., Red Tortoise LLC, Grey Fox Wealth Advisors LLC, ICA Group Wealth Management LLC, and Accurate Wealth Management LLC. These entities have all acquired stakes in CTRA throughout the fourth quarter of 2022, with each purchase valued at $25,000 to $28,000. Presently, 94.72% of the company’s stock is owned by institutional investors.
Despite these positive developments for Coterra Energy, Vice President Michael D. Deshazer recently sold 20,824 shares of the company’s stock in March 2023 for a total value of $501,858.40. Following this transaction, Deshazer now directly owns 77,406 shares in CTRA worth no less than $1,865,484.60. For transparency purposes and regulatory compliance, this transaction was disclosed through the Securities & Exchange Commission document filing system for easy accessibility by stakeholders.
Based on reports from various equities research analysts who cover CTRA securities market trends and behaviors from mid-April to late May 2023 indicate that fifteen research analysts have given it a “hold” rating while four assigned a “buy” rating ranging from a price target of about $27 to as high as $39 per share. The average rating according to Bloomberg is “Hold,” while financial insiders own about 1.70% of Coterra Energy’s outstanding stock.
On May 4th, Coterra Energy announced its quarterly earnings data that revealed an earnings per share (EPS) of about $0.85 compared to analysts’ consensus estimate of $0.69 – exceeding expectations with a margin of about $0.16 per share indicating a positive surprise factor amid sustained investor interest despite economic conditions globally.
Lastly but not leastly ongoing plans by Coterra’s upper echelons to provide steady cash flow for stakeholders could be seen in the recent dividend announcement. The company recently declared a quarterly dividend, which was paid on June 9th, 2023. This involves an annual estimated dividend yield of 3.19% with stockholders recording a $0.20 dividend distributed on Friday, June 9th based on record data filed as at May 26th, 2023 through the SEC regulatory platform while ex-dividend proceedings began from May 25th, 2023. Investors and other stakeholders will monitor CTRA activities closely amidst ongoing economic conditions and subsequent market triggers towards sustained stability or future growth prospects regardless of potential risks.
