Coterra Energy IncNYSE: CTRA
Energy · Oil & Gas Exploration & Production
$35.44
-1.32%
Vol: 5.2M
Research Digest
Friday, May 1, 2026
Coterra Energy merger with Devon Energy nears close; Q1 2026 earnings due
Coterra Energy is set to merge with Devon Energy in an $58B all-stock deal, with HSR clearance expiring April 1 and close expected Q2 2026. The company reported 2025 results with $4.0B operating cash flow and $2.0B free cash flow, with 2026 capex of $2.25B. Wall Street consensus is Buy with 14 of 21 analysts recommending purchase and $37.43 PT. Q1 2026 earnings expected to be final standalone results.
Previous Market Intelligence
13 daysApr 30Devon Energy-CoTerra merger Hart-Scott-Rodino waiting period expires April 7; deal on track to close June 2026 creating $26B shale producer.Positive▶
CoTerra Energy announced April 7 that the Hart-Scott-Rodino waiting period expired, removing the last major federal regulatory hurdle for its $58B all-stock merger with Devon Energy. The transaction creates a multi-basin producer with dominant Delaware Basin position and significant Marcellus gas presence. Shareholder vote completed, deal expected to close June 2026 with combined entity headquartered in Houston and operational hub in Oklahoma City. Management targets $1B annual synergies by 2027. CoTerra issued supplemental disclosures on April 24 and released Q1 earnings April 28. Analysts at Scotiabank raised FY2026 earnings estimates April 23. Stock down 3.9% mid-month due to softer natural gas pricing.
Apr 29Coterra Energy reports Q1 2026 earnings as $58B Devon merger expected to close in Q2 with HSR approval secured April 1.Positive▶
Coterra Energy is set to report what may be its final standalone Q1 2026 results as the $58 billion all-stock merger with Devon Energy moves toward Q2 2026 close. The Hart-Scott-Rodino antitrust waiting period expired April 1, removing a key regulatory hurdle. Analysts expect Q1 EPS of $0.85-$0.89 on revenue of $2.17 billion. Wall Street rates the stock a Buy with 14 of 21 analysts recommending purchase. The consensus price target of $37.43 suggests 8% upside, though integration risks remain as the companies aim to create a 'Super-Independent' with enhanced scale.
Apr 16Devon Energy-Coterra Energy $26B all-stock merger finalizing regulatory clearance; combined entity expected June 2026.Positive▶
Coterra Energy is progressing toward completion of a $26 billion all-stock merger with Devon Energy, which received final regulatory approval and is expected to close by June 2026. The combined entity, headquartered in Houston, will create a multi-basin behemoth with dominant Delaware Basin positions and significant Marcellus gas presence. The merger projects $1 billion in annual pre-tax synergies by 2027. Coterra reported Q4 2025 and full-year results with revenue of $7.65 billion and net income of $1.72 billion, plus strong free cash flow outlook of $2.35 billion for 2026. Stock is down 3.9% as natural gas pricing softened and energy complex cooled. Fifteen analysts rate CTRA as Buy with 12-month price target of $35.27. Stock up 25.6% year-to-date and 37.3% over past 12 months despite recent weakness.
Apr 15Coterra Energy reports $1.96B Q4 2025 revenue (+40.4% YoY) ahead of Devon Energy merger expected H2 2026.Mixed▶
Coterra Energy announced strong Q4 2025 results with operating revenue of $1.96 billion (up 40.4% YoY). However, adjusted EPS of $0.39 missed analyst expectations. The company agreed to an all-stock merger with Devon Energy with fixed exchange ratio of 0.70 per share, expected to close in H2 2026. 2026 free cash flow guidance is $2.35 billion.
Apr 14Devon-Coterra merger HSR antitrust waiting period expires; Q2 2026 close targeted with $1.0B synergies.Positive▶
Coterra Energy merger with Devon Energy cleared key regulatory milestone on April 1 when Hart-Scott-Rodino period expired. The $58 billion all-stock deal aims to create a Super-Independent capable of competing with global majors. Coterra reported $4.0B operating cash flow and 2026 production guidance of 750-810 MBoepd. Integration targets $1.0B pre-tax annual synergies.
Apr 13Coterra Energy merging with Devon Energy in $58B all-stock deal; Clay Gaspar to lead combined company; FY2025 $4.0B operating cash flow.Positive▶
Coterra Energy announced $58B all-stock merger with Devon Energy (Feb 2, 2026); all Coterra shareholders receive 0.70 Devon shares/Coterra share. Clay Gaspar to lead combined company. FY2025: $4.0B operating cash flow, $2.0B free cash flow, proved reserves +13% YoY. FY2026 guidance: capex $2.25B. Stock +35.2% YoY.
Apr 10Devon Merger HSR Approval Received; Q2 2026 Closing TargetedPositive▶
HSR antitrust waiting period expired April 1. 75% of analysts rate CTRA as Buy. Combined entity targeting data center demand.
Apr 9Coterra Energy merger with Devon Energy advances with Hart-Scott-Rodino clearance.Positive▶
Coterra Energy agreed to $58B all-stock merger with Devon Energy (0.70 fixed exchange ratio). Hart-Scott-Rodino antitrust review expired April 1, 2026, clearing major regulatory hurdle. Merger expected to close Q2 2026. Coterra reported strong 2025 results: $6.99B revenue (+33%), $1.72B earnings (+53%). 15 analysts rate stock "Buy" with $35.27 target.
Apr 8Coterra Energy merger with Devon Energy valued at $58 billion expected to close in Q2 2026.Neutral▶
Coterra agreed to $58B all-stock merger with Devon Energy with 0.70 exchange ratio, expected close Q2 2026. Reported strong 2025 with $4.0B operating cash flow.
Apr 7Coterra Energy merger with Devon cleared by HSR; Q2 2026 close targetedNeutral▶
Hart-Scott-Rodino antitrust waiting period for Coterra-Devon merger expired April 1, 2026, clearing a key regulatory hurdle. Under merger agreement, each CTRA share converts to 0.70 Devon shares (~$36.45/share based on March 27 close). Companies anticipate Q2 2026 close, subject to remaining conditions. Post-closing ownership estimated 54% Devon / 46% Coterra on fully diluted basis. Coterra Special Meeting scheduled May 4, 2026. Q4 and FY2025 results reported February 26: Q4 revenue $1.959B, FY2025 revenue $7.65B. Dividend declared at $0.22/share. 2025: $4.0B operating cash flow, $2.0B free cash flow. Analyst consensus: 15 analysts rate CTRA 'Buy' with $35.27 target (0.37% upside).
Apr 6Devon Energy-Coterra merger targeting $1B synergies by end of 2027; Q4 earnings miss weaker crude.Neutral▶
Coterra Energy and Devon Energy announced ~$58B all-stock merger (including debt) in one of largest U.S. shale deals, expected close H2 2026. Integration team targeting $1B pre-tax synergy capture run-rate by end of 2027. Coterra reported strong 2025 cash flow ($4.0B from ops, $2.0B free cash), expected 2026 FCF of $2.35B, but missed Q4 profit expectations due to weaker crude. Quarterly dividend $0.22/share. Buy consensus from 15 analysts, $35.27 target.
Apr 3HSR antitrust waiting period expires on Devon-Coterra merger, targeting Q2 2026 close with ~75% analyst Buy ratings.Positive▶
Coterra Energy's $58 billion all-stock merger with Devon Energy cleared a major regulatory hurdle on April 1, 2026, with the Hart-Scott-Rodino antitrust waiting period expiring. The companies expect Q2 2026 close. Coterra reported strong 2025 results with $4.0B operating cash flow and 2026 guidance of $2.35B free cash flow.
Apr 2HSR waiting period expires on Devon-Coterra merger, Q2 2026 close targetedPositive▶
Coterra Energy reported that the Hart-Scott-Rodino antitrust waiting period for its planned merger with Devon Energy expired on April 1, 2026, clearing a major regulatory hurdle. The merger is expected to close in Q2 2026 with a 0.70 Devon shares per Coterra share exchange ratio. CTRA surged 7.91% after strong Q4 2025 revenue growth of 27% year-over-year, hitting a new 52-week high of $36.88. Wall Street is bullish with approximately 75% of analysts covering the stock having a "Buy" rating. Management targets $1 billion in annual synergies by 2027.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CTRACOTERRA | $35.44 | -1.32% | +3.6% | 12.1x | 0.27 | $27.3B |
| COPCONOCOPHILLIPS | $123.50 | -1.81% | -4.5% | 14.8x | 0.19 | $153.3B |
| EOGEOG | $139.11 | -1.04% | -1.7% | 9.9x | 0.33 | $75.3B |
| OXYOCCIDENTAL | $58.75 | -3.03% | -3.8% | 16.9x | 0.23 | $60.1B |
| FANGDIAMONDBACK | $207.50 | +0.91% | +5.8% | 12.0x | 0.49 | $57.8B |
| EQTEQT | $58.76 | -2.21% | -0.5% | 12.9x | 0.69 | $37.6B |
Key Fundamentals
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Price above both MAs — bullish structure.