Illinois Municipal Retirement Fund Purchases 76,509 Shares of Coterra Energy Inc. (NYSE:CTRA)

Illinois Municipal Retirement Fund lifted its position in Coterra Energy Inc. (NYSE:CTRA) by 20.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 441,863 shares of the company’s stock after purchasing an additional 76,509 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Coterra Energy were worth $11,285,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CTRA. Wellington Management Group LLP increased its holdings in shares of Coterra Energy by 28.4% in the third quarter. Wellington Management Group LLP now owns 71,210,013 shares of the company’s stock worth $1,705,480,000 after purchasing an additional 15,736,247 shares during the period. Holocene Advisors LP increased its stake in Coterra Energy by 187.2% in the third quarter. Holocene Advisors LP now owns 4,533,269 shares of the company’s stock valued at $108,572,000 after acquiring an additional 2,954,675 shares during the last quarter. Truist Financial Corp increased its stake in Coterra Energy by 668.0% in the fourth quarter. Truist Financial Corp now owns 1,616,660 shares of the company’s stock valued at $41,289,000 after acquiring an additional 1,406,170 shares during the last quarter. Weiss Asset Management LP bought a new position in Coterra Energy in the third quarter valued at $28,380,000. Finally, Erste Asset Management GmbH bought a new position in Coterra Energy in the third quarter valued at $21,555,000. Institutional investors own 87.92% of the company’s stock.

Insider Transactions at Coterra Energy

In related news, SVP Kevin William Smith sold 29,643 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $26.16, for a total value of $775,460.88. Following the completion of the transaction, the senior vice president now directly owns 77,075 shares of the company’s stock, valued at $2,016,282. This represents a 27.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CTRA has been the topic of a number of research analyst reports. Raymond James increased their target price on Coterra Energy from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Stephens increased their target price on Coterra Energy from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Citigroup increased their target price on Coterra Energy from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Barclays increased their target price on Coterra Energy from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group increased their target price on Coterra Energy from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.42.

Coterra Energy Stock Performance

Coterra Energy stock opened at $27.38 on Wednesday. The company has a current ratio of 1.61, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average of $27.29 and a 200-day moving average of $25.45. The firm has a market cap of $20.17 billion, a P/E ratio of 16.49, a P/E/G ratio of 0.59 and a beta of 0.26. Coterra Energy Inc. has a 1-year low of $22.30 and a 1-year high of $29.95.

Coterra Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a dividend of $0.22 per share. This is a positive change from Coterra Energy’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Thursday, March 13th. Coterra Energy’s dividend payout ratio is currently 50.60%.

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.