SSgA Funds Management, Inc. 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 1.06% to 50.76 million shares with purchase of 0.53 million shares. This fresh investment now brings its stake to 6.75% valued currently at $1.33 billion. In addition, BlackRock Fund Advisors raised its holdings by 36690.0 to 44.35 million shares. And Geode Capital Management LLC has lifted its position by 0.92% or 0.17 million shares – to 18.73 million shares.
With over 19.5 million Coterra Energy Inc (CTRA) shares trading Friday and a closing price of $25.13 on the day, the dollar volume was approximately $489.91 million. The shares have shown a negative half year performance of -0.32% and its price on 12/15/23 lost nearly -1.72%. Currently, there are 768.24M common shares owned by the public and among those 738.31M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 30 analysts who have offered their price forecasts for CTRA have a consensus price objective of $32.42. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $27.00. The average price target is 22.49% above its recent price level and an upside to the estimated low will see the stock gain 6.93% over that period. But an upside of 40.17% 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 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 800,980 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 840,368 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 22.44 million shares of the company’s stock, all valued at over $589.17 million. The company bought an additional 0.1 million shares recently to bring their total holdings to about 2.98% of the shares outstanding. SPDR Series – Energy Select Secto sold -0.23 million shares to see its total holdings shrink to 21.33 million shares valued at over $559.85 million and representing 2.84% of the shares outstanding. Vanguard 500 Index Fund bought 80379.0 shares to bring its total holdings to over 18.28 million shares at a value of $479.97 million. Vanguard 500 Index Fund now owns shares totaling to 2.43% of the shares outstanding.
Shares of Coterra Energy Inc (NYSE: CTRA) opened at $25.37, down -$0.2 from a prior closing price of $25.57. However, the script later moved the day high at 25.37, down -1.72%. The company’s stock has a 5-day price change of 1.74% and -9.93% over the past three months. CTRA shares are trading 3.82% year to date (YTD), with the 12-month market performance up to 3.28% higher. It has a 12-month low price of $22.25 and touched a high of $29.89 over the same period. CTRA has an average intraday trading volume of 6.63 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 -2.46%, -7.14%, and -3.76% respectively.
Institutional ownership of Coterra Energy Inc (NYSE: CTRA) shares accounts for 91.56% of the company’s 768.24M shares outstanding. Mutual fund holders own 35.52%, while other institutional holders and individual stakeholders account for 56.23% and 2.83% respectively.
It has a market capitalization of $18.90B and a beta (3y monthly) value of 0.23. The stock’s trailing 12-month PE ratio is 8.68, while the earnings-per-share (ttm) stands at $2.89. The company has a PEG of 0.21 and a Quick Ratio of 1.01 with the debt-to-equity ratio at 0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.92% over the week and 2.03% over the month.
Analysts forecast that Coterra Energy Inc (CTRA) will achieve an EPS of $0.64 for the current quarter, $0.75 for the next quarter and $2.76 for 2024. The lowest estimate earnings-per-share for the quarter is $0.48 while analysts give the company a high EPS estimate of $0.85. Comparatively, EPS for the current quarter was $1.16 a year ago. Earnings per share for the fiscal year are expected to decrease by -52.12%, and 17.66% over the next financial year. EPS should shrink at an annualized rate of 40.83% over the next five years, compared to 87.35% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 30 brokerage firm advisors rate Coterra Energy Inc (CTRA) as a “Strong Buy” at a consensus score of 1.97. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 13 of the 30 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. Wells Fargo stated their Overweight rating for the stock in a research note on December 14, 2023, with the firm’s price target at $59-$30.
