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Blake A. Sirgo, Senior Vice President of Operations at Coterra Energy Inc. (NYSE:CTRA), recently sold a significant portion of his shares in the company. According to a recent SEC filing, Sirgo disposed of 90,000 shares of common stock on March 17 at a weighted average price of approximately $28.13 per share, amounting to a total transaction value of $2,531,880. Following this sale, Sirgo retains ownership of 118,993 shares in the $21.95 billion market cap company. InvestingPro analysis indicates the stock is currently trading near its 52-week high of $29.95, with an impressive 23% return over the past six months.
The transaction was executed over multiple trades, with prices ranging between $28.13 and $28.16 per share. Sirgo’s stock sale highlights a notable shift in his holdings, drawing attention from investors and market watchers.
In other recent news, Coterra Energy reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an adjusted earnings per share of $0.49, compared to the forecast of $0.43. The company’s revenue aligned with projections, totaling $1.4 billion. Coterra Energy also announced a significant 13% year-over-year increase in oil production and a 16% reduction in capital costs. Raymond (NSE:RYMD) James adjusted its price target for Coterra Energy to $37, down from $41, while maintaining an Outperform rating, highlighting the company’s production exceeding expectations and lower-than-anticipated capital expenditure. Meanwhile, JPMorgan raised its price target for Coterra Energy to $36 from $35, maintaining an Overweight rating, citing substantial oil and gas volume surpassing expectations. UBS reaffirmed its Buy rating on Coterra Energy, keeping the price target at $37, following a strong fourth-quarter performance and an optimistic three-year outlook. Coterra Energy’s strategic adjustments, including reallocating capital to its Marcellus development program, reflect its response to current market conditions and potential for growth in natural gas volumes.
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