Coterra Energy IncNYSE: CTRA
Energy · Oil & Gas Exploration & Production
$32.64
-8.39%
Vol: 48.7M
Research Digest
Friday, June 19, 2026
Coterra Energy ceased to exist as an independent company after merger with Devon Energy completed May 7, 2026; CTRA shares converted to DVN.
Devon Energy and Coterra Energy completed their all-stock merger on May 7, 2026, with shareholders of both companies approving the deal on May 4. Each Coterra share was converted into 0.70 Devon shares, and the combined company now trades as DVN on the NYSE. The merged entity projects average production of 1.38 million BOE/day in 2026 including 500,000 barrels of oil/day. Full-year 2026 capex is targeted at ~$4.9B with over 60% allocated to the Permian Basin, and the company plans to return up to 70% of free cash flow to shareholders while retiring $1.25B in debt. Target synergies of $600M by 2027. Risk: CTRA no longer trades independently; investors holding CTRA should now track DVN.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Coterra and Devon Energy completed all-stock merger on May 7 creating premier Delaware Basin shale operatorPositive▶
Devon Energy and Coterra completed their all-stock merger on May 7 following overwhelming shareholder approval on May 4 (623.6M votes in favor vs 956K against). Coterra holders received 0.70 Devon shares per CTRA share, with the combined entity anchored by a leading position in the economic core of the Delaware Basin. Q1 2026 results released May 4 showed EPS of $0.75 with net income of $466M and operating cash flow surging to $1.65B. CTRA traded down 7.2% on May 6 due to merger-arbitrage rebalancing dynamics into the close. Wellington reported 7.1% beneficial ownership and SEB opened a new $4.6M position. Risk: integration risk and exposure to soft natural gas prices remain ongoing concerns post-merger.
May 20Coterra Energy merger with Devon Energy closed May 7; NYSE delisted CTRA May 18 with 0.70 Devon shares per CTRA sharePositive▶
The all-stock merger of Coterra Energy and Devon Energy Corporation became effective on May 7, 2026, with each share of Coterra common stock converted into 0.70 of a share of Devon common stock. The NYSE notified the SEC that CTRA would be removed from listing and registration on May 18, 2026. Coterra stockholders had overwhelmingly approved the merger on May 4 and Devon shareholders on May 11. Q1 2026 results released May 4 showed net income of $466M, EPS of $0.75, and operating cash flow of $1.65B. Wellington reported 53.57M shares (~7.1% beneficial ownership) in a 13G/A amendment dated May 15. Skandinaviska Enskilda Banken AB opened a new $4.6M CTRA position. CTRA shareholders now hold Devon stock.
May 19Coterra Energy delisted from NYSE on May 18, 2026 as Devon Energy merger closes, with each CTRA share converting to 0.70 Devon shares.Neutral▶
The NYSE removed Coterra Energy's common stock from listing and registration effective May 18, 2026, formally completing the all-stock merger with Devon Energy. Coterra shareholders approved the deal at a May 4 virtual special meeting and Devon shareholders followed on May 11; the merger became effective May 7 with each Coterra share converted into 0.70 of a Devon share. The combination reshapes the US shale landscape, ending CTRA as a standalone listed equity. Wellington Management also disclosed a passive 7.06% stake (~53.57M shares) via 13G/A. The key risk for legacy CTRA holders is now Devon's execution on synergies and gas pricing exposure given Coterra's gas-heavy Q1 cash flow ($1.65B operating cash, +44% YoY).
May 18Coterra Energy completed its all-stock merger with Devon Energy on May 7, 2026 and delisted from the NYSE; each CTRA share converted to 0.70 DVN shares.Positive▶
Coterra Energy completed its previously announced all-stock merger with Devon Energy on May 7, 2026, with each Coterra share converting to 0.70 shares of Devon common stock plus cash for fractional shares. CTRA was delisted from the NYSE before market open on May 7. Shareholders of both companies approved the deal at May 4 special meetings, with 99%+ of Coterra votes in favor. The combined entity trades as Devon Energy (DVN) and is positioned as a premier large-cap shale operator with a leading position in the core Delaware Basin. Q1 2026 Coterra results showed net income of $466M (down from $516M YoY) or $0.61 per diluted share, with operating cash flow rising to $1.6B from $1.1B and total production up to 69.4 MMBoe (oil +16%, NGLs +32%).
May 15Coterra Energy delisted from NYSE May 7 after completing all-stock merger with Devon; combined company trades as DVNNeutral▶
Coterra Energy completed its previously announced all-stock merger with Devon Energy on May 7, 2026, creating a ~$58B enterprise large-cap shale operator anchored in the Delaware Basin. Stockholders of both companies approved the transaction on May 4. Each Coterra share converted into 0.70 Devon shares with cash for fractional shares; pre-merger Devon holders own ~54% of the combined company and former Coterra holders ~46%. The combined company operates as Devon Energy under ticker DVN, headquartered in Houston with significant Oklahoma City presence. Coterra terminated its 2023 credit agreement, repaid related obligations, and was removed from the S&P 500 (replaced by Veeva Systems) effective May 7. The deal is expected to deliver $1B in annual synergies by 2027, plus an $8B buyback and 33% dividend increase.
May 14Coterra Energy ceased trading May 7 after completing all-stock merger with Devon Energy at 0.70 DVN per CTRA share; Veeva replaced CTRA in S&P 500Positive▶
Coterra Energy completed its all-stock merger with Devon Energy on May 7, 2026, after both shareholder bases approved on May 4. Each CTRA share was converted into 0.70 shares of DVN, creating a $58B-enterprise combined company headquartered in Houston that targets $1B in annual pre-tax synergies by year-end 2027. The combined entity announced an $8B share buyback and a 33% dividend increase. CTRA was delisted from the NYSE and replaced in the S&P 500 by Veeva Systems effective May 7. CTRA no longer trades as an independent public company.
May 13Coterra Energy ceased trading as independent stock after completing all-stock merger with Devon Energy on May 7, with each CTRA share converting into 0.70 Devon shares; Veeva Systems replaced CTRA in the S&P 500.Positive▶
The Devon-Coterra merger closed May 7, 2026, creating a premier large-cap Delaware Basin shale operator under the Devon Energy name. Shareholders approved overwhelmingly on May 4 (Coterra: 99%; Devon: 98%). CTRA delisted from NYSE and was removed from the S&P 500 effective May 7, replaced by Veeva Systems. Former CTRA holders now hold DVN shares. The new 11-member board has six Devon and five Coterra directors. Q1 2026 results showed net income of $466M and operating cash flow of $1.65B. Last CTRA price was $32.88 on May 7. This is a completed M&A transaction.
May 12Coterra Energy completed its all-stock merger with Devon Energy on May 7, converting each CTRA share into 0.70 DVN shares, ending CTRA's NYSE listing.Positive▶
Stockholders of both companies approved the merger on May 4 and the deal closed May 7, creating a Delaware Basin-anchored large-cap operator with $1B in targeted annual pre-tax synergies by year-end 2027. CTRA shares closed at $32.25 on May 7 before delisting, and the combined company trades under DVN. Veeva Systems replaced Coterra in the S&P 500 effective May 7. Q1 2026 net income was $466M with operating cash flow of $1.65B. Analyst sentiment prior to the close was 14 Buy and 7 Hold across 21 analysts.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CTRACOTERRA | $32.64 | -8.39% | — | 10.8x | 0.30 | $24.7B |
| COPCONOCOPHILLIPS | $107.75 | -3.11% | — | 11.4x | 0.12 | $127.6B |
| EOGEOG | $130.14 | -2.33% | — | 8.8x | 0.26 | $69.7B |
| OXYOCCIDENTAL | $51.64 | -2.64% | — | 12.3x | 0.15 | $48.6B |
| FANGDIAMONDBACK | $183.05 | -1.31% | — | 9.7x | 0.41 | $48.4B |
| DVNDEVON | $42.17 | -0.96% | — | 7.4x | 0.43 | $46.7B |
Key Fundamentals
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Price between 50d and 200d. Testing 50d support.