Jefferies analyst Lloyd Byrne maintained a Hold rating on Coterra Energy (CTRA – Research Report) today and set a price target of $29.00.
Lloyd Byrne has given his Hold rating due to a combination of factors concerning Coterra Energy’s upcoming earnings and the implications for the fiscal year 2024. His assessment takes into account the company’s anticipated performance in the first quarter, which is crucial for investors. Additionally, Byrne considers the strategic questions surrounding Delaware basin productivity, future plans for the Marcellus region, and the allocation of incremental capital, all of which are critical for Coterra Energy’s growth trajectory and financial health.
Byrne’s neutral stance reflects careful consideration of Coterra Energy’s position within the broader market context. Although the company’s earnings and strategic plans indicate a stable outlook, there are no immediate catalysts that would justify an upgrade to a Buy rating at this time. Conversely, there also appear to be sufficient strengths and positive aspects to the company’s operations preventing a downgrade to a Sell. Therefore, Byrne’s Hold rating suggests that Coterra Energy is expected to perform in line with market expectations, without significant over or underperformance in the near term.
In another report released on April 17, Morgan Stanley also maintained a Hold rating on the stock with a $29.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CTRA in relation to earlier this year.
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Coterra Energy (CTRA) Company Description:
Cabot Oil & Gas Corp. engages in the development, exploitation, and exploration of oil and gas properties. It operates through the Marcellus shale in Pennsylvania. The company was founded in 1989 and is headquartered in Houston, TX.
Read More on CTRA:
- Coterra Energy price target raised to $37 from $35 at Piper Sandler
- Correction: Coterra Energy price target raised to $37 from $35 at Piper Sandler
- Coterra Energy price target raised to $374 from $35 at Piper Sandler
- Coterra Energy price target raised to $36 from $34 at Wells Fargo
- Coterra Energy price target raised to $35 from $31 at Scotiabank
