Investing Club: We invested in Coterra for capital returns and the oiler more than delivered
Coterra Energy reported second-quarter results Tuesday that beat Wall Street expectations on the top and bottom lines — and, notably, raised its quarterly dividend payout by roughly 8%. Total revenues of $2.57 billion topped FactSet estimates of $2.24 billion. Adjusted earnings per share of $1.35 eclipsed forecasts of $1.27. Important note: Coterra management will host their earnings call Wednesday at 10 a.m. ET.
" Dividends and buybacks Coterra's board announced Tuesday a quarterly fixed-plus-variable dividend of 65 cents per share, up 8.3% from its prior level of 60 cents per share. Based on Coterra's Tuesday closing price of $29.38, the annualized dividend yield is 8.85%. The other part of the cash return story at Coterra is stock buybacks, which ratcheted up in the second quarter compared to the first three months of 2022.
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