Geode Capital Management LLC recently announced the acquisition of new stake in Coterra Energy Inc. (NYSE:CTRA). The institutional investor has increased its shareholding in the Energy company by 0.35% to 18.56 million shares with purchase of 64835.0 shares. This fresh investment now brings its stake to 2.46% valued currently at $523.18 million. In addition, Charles Schwab Investment Managem raised its holdings by 0.59 million to 15.84 million shares. And Victory Capital Management, Inc. has lifted its position by 8.05% or 1.15 million shares – to 15.4 million shares.
With over 5.74 million Coterra Energy Inc. (CTRA) shares trading Monday and a closing price of $27.90 on the day, the dollar volume was approximately $160.2 million. The shares have shown a positive half year performance of 20.31% and its price on 09/18/23 lost nearly -0.07%. Currently, there are 755.00M common shares owned by the public and among those 740.43M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for CTRA have a consensus price objective of $31.84. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $26.00. The average price target is 12.21% above its recent price level and a downside to the estimated low will see the stock lose -7.31% over that period. But an upside of 33.57% will see the stock hit the forecast high price target while median target price for the stock is $31.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 1,294,556 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 1,037,235 shares.
The top 3 mutual fund holders in Coterra Energy Inc. are Vanguard Total Stock Market ETF, SPDR Series – Energy Select Secto, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 22.46 million shares of the company’s stock, all valued at over $633.13 million. The company sold 1904.0 shares recently to bring their total holdings to about 2.98% of the shares outstanding. SPDR Series – Energy Select Secto sold 92492.0 shares to see its total holdings shrink to 20.56 million shares valued at over $579.66 million and representing 2.72% of the shares outstanding. Vanguard 500 Index Fund bought 0.11 million shares to bring its total holdings to over 18.25 million shares at a value of $514.37 million. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of Coterra Energy Inc. (NYSE: CTRA) opened at $28.07, up $0.15 from a prior closing price of $27.92. The company’s stock has a 5-day price change of 0.54% and 10.67% over the past three months. CTRA shares are trading 15.27% year to date (YTD), with the 12-month market performance down to -6.19% lower. It has a 12-month low price of $22.25 and touched a high of $30.70 over the same period. CTRA has an average intraday trading volume of 6.12 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.56%, 1.64%, and 10.04% respectively.
Institutional ownership of Coterra Energy Inc. (NYSE: CTRA) shares accounts for 97.40% of the company’s 755.00M shares outstanding. Mutual fund holders own 35.02%, while other institutional holders and individual stakeholders account for 56.91% and 2.92% respectively.
It has a market capitalization of $21.54B and a beta (3y monthly) value of 0.29. The stock’s trailing 12-month PE ratio is 7.03, while the earnings-per-share (ttm) stands at $3.97. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.84% over the week and 1.67% over the month.
Analysts forecast that Coterra Energy Inc. (CTRA) will achieve an EPS of $0.42 for the current quarter, $0.58 for the next quarter and $2.71 for 2024. The lowest estimate earnings-per-share for the quarter is $0.31 while analysts give the company a high EPS estimate of $0.52. Comparatively, EPS for the current quarter was $1.42 a year ago. Earnings per share for the fiscal year are expected to increase by 121.00%, and 21.54% over the next financial year. EPS should shrink at an annualized rate of -11.26% over the next five years, compared to 79.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Coterra Energy Inc. (CTRA) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 16 of the 28 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CTRA, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on August 14, 2023, with the firm’s price target at $30-$35.