Sun Sep 15 12:52:47 UTC 2024: ## State of New Jersey Pension Fund Trims Coterra Energy Holdings

**[City, State] – September 15, 2024** – The State of New Jersey Common Pension Fund D has reduced its stake in Coterra Energy Inc. (NYSE: CTRA) by 29% during the second quarter, according to the fund’s latest 13F filing with the SEC. The fund now owns 295,355 shares of the company, valued at $7,877,000.

This move comes amidst a flurry of activity from other institutional investors and hedge funds, with some increasing their holdings in Coterra Energy. Notably, Vanguard Group Inc. raised its stake by 0.5%, now owning 87,927,114 shares worth $2,243,900,000. Schroder Investment Management Group also increased its position by 8.7%, while Equity Investment Corp and Captrust Financial Advisors both saw their holdings rise by 4.7% and 4.6% respectively. Additionally, Balyasny Asset Management L.P. acquired a new stake in Coterra Energy valued at approximately $54,625,000.

Analysts have also been weighing in on Coterra Energy, with mixed opinions emerging. While some maintain a “buy” rating on the stock, others have lowered their price targets. Piper Sandler decreased its target from $39.00 to $31.00 while maintaining an “overweight” rating, while Truist Financial cut its target from $35.00 to $34.00 and retained a “buy” rating. Overall, MarketBeat.com currently assigns an average rating of “Moderate Buy” and an average price target of $32.88 for Coterra Energy.

Coterra Energy recently reported its quarterly earnings on August 1st, posting $0.37 earnings per share, slightly missing analysts’ expectations of $0.39. The company’s revenue came in at $1.27 billion, compared to the consensus estimate of $1.32 billion. Despite this, Coterra Energy continues to pay a quarterly dividend of $0.21 per share, representing a 3.69% dividend yield.

Coterra Energy Inc. is an independent oil and gas company focused on the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company operates in the Marcellus Shale, Permian Basin, and Anadarko Basin, with significant acreage holdings in these regions.

Investors and analysts will be closely watching Coterra Energy’s future performance, particularly as the company navigates the ever-evolving energy market landscape.

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