In a recent financial move, Level Four Advisory Services LLC has increased its holdings in Coterra Energy Inc. (NYSE: CTRA) by 4.7% during the second quarter of 2023. According to a filing with the Securities and Exchange Commission, the firm acquired an additional 9,958 shares, bringing its total ownership to 220,714 shares, valued at approximately $5.6 million at the end of the quarter.
Several other institutional investors have also adjusted their positions in Coterra Energy, reflecting growing interest in the company. For instance, Horizon Investments LLC raised its stake by 4.5%, now owning 10,935 shares worth $316,000 after purchasing 474 additional shares. Similarly, Wellington Shields Capital Management LLC increased its position by 5.4%, owning 9,725 shares valued at $247,000 following the acquisition of 500 shares.
Institutional Interest in Coterra Energy
Elevation Point Wealth Partners LLC and Fifth Third Wealth Advisors LLC also joined the trend, increasing their stakes in Coterra Energy by 1.1% and 5.3%, respectively. Elevation Point now holds 50,333 shares worth $1.3 million, while Fifth Third owns 10,534 shares valued at $267,000. Notably, MassMutual Private Wealth & Trust FSB boosted its stake by an impressive 26.1%, acquiring 555 additional shares and bringing its total to 2,685 shares worth $68,000. Overall, institutional investors comprise 87.92% of Coterra Energy’s shareholder base.
Coterra Energy’s stock opened at $26.84 on November 24, 2023. The company boasts a market capitalization of approximately $20.43 billion, a P/E ratio of 12.84, and a PEG ratio of 0.36. Over the past year, its stock has fluctuated between a low of $22.33 and a high of $29.95.
Dividend Announcement and Analyst Ratings
In addition to increasing stakes, Coterra Energy recently announced a quarterly dividend. Shareholders on record as of November 13 received a $0.22 dividend, amounting to an annualized dividend of $0.88 and a yield of 3.3%. The company’s dividend payout ratio stands at 40.55%.
Wall Street analysts have expressed optimism regarding Coterra Energy’s future. Raymond James Financial recently raised its price target for the stock from $28.00 to $31.00 while maintaining an “outperform” rating. In contrast, Morgan Stanley adjusted its price objective from $29.00 to $28.00, assigning an “equal weight” rating. William Blair initiated coverage with an “outperform” rating and a target price of $36.00.
Currently, 17 analysts rate Coterra Energy as a Buy, while five have assigned a Hold rating. One analyst has issued a Sell rating. The consensus target price among analysts stands at $32.86, according to MarketBeat.com.
Coterra Energy Inc. is an independent oil and gas company focusing on the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. Its key properties include approximately 186,000 net acres in the Marcellus Shale, 296,000 net acres in the Permian Basin, and 182,000 net acres in the Anadarko Basin.
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