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Coterra merger announced → All-stock deal to combine two independent oil/gas producers

Devon Energy announced a definitive merger agreement with Coterra Energy in an all-stock transaction, combining two major independent oil and gas producers. On March 16, TD Cowen maintained a Hold rating while raising the price target from $46 to $50, with consensus analyst target of $51.13 implying 8.34% upside. The company declared a quarterly cash dividend of $0.24 per share payable March 31, 2026, supporting total shareholder returns.