Tearsheet

Coterra Energy (CTRA)


Market Price (3/14/2026): $32.15 | Market Cap: $24.5 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Coterra Energy (CTRA)


Market Price (3/14/2026): $32.15
Market Cap: $24.5 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 6.7%
Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 40%
Weak multi-year price returns
2Y Excs Rtn is -0.9%, 3Y Excs Rtn is -26%
 
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 4.0 Bil
  
3 Low stock price volatility
Vol 12M is 31%
  
4 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 6.7%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 40%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 4.0 Bil
3 Low stock price volatility
Vol 12M is 31%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
5 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6 Weak multi-year price returns
2Y Excs Rtn is -0.9%, 3Y Excs Rtn is -26%
7 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Coterra Energy (CTRA) stock has gained about 20% since 11/30/2025 because of the following key factors:

1. Announced Merger with Devon Energy Creates Enhanced Value.

Coterra Energy's stock experienced a significant boost following the announcement on February 2, 2026, of an all-stock merger with Devon Energy. This strategic combination is projected to unlock substantial value, with an expected $1 billion in annual pre-tax synergies, creating a leading large-cap shale operator. Coterra shareholders are set to receive 0.70 shares of Devon common stock for each Coterra share, owning approximately 46% of the combined entity upon the merger's expected close in the second quarter of 2026.

2. Strong Fourth-Quarter 2025 Financial Results and Optimistic 2026 Guidance.

The company reported robust fourth-quarter and full-year 2025 results on February 26, 2026. For Q4 2025, Coterra reported revenues of $1.96 billion, surpassing estimates by approximately 2.4%, and diluted earnings per share of $0.51, beating estimates by about 3.9%. Coterra also exceeded the high-end of its guidance for total barrels of oil equivalent and natural gas production for the quarter. Looking ahead, Coterra provided a strong outlook for 2026, projecting approximately $2.35 billion in non-GAAP Free Cash Flow.

Show more

Stock Movement Drivers

Fundamental Drivers

The 20.7% change in CTRA stock from 11/30/2025 to 3/13/2026 was primarily driven by a 15.4% change in the company's P/E Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)26.6532.1520.7%
Change Contribution By: 
Total Revenues ($ Mil)7,0817,6458.0%
Net Income Margin (%)23.2%22.5%-3.4%
P/E Multiple12.414.215.4%
Shares Outstanding (Mil)7637610.3%
Cumulative Contribution20.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
CTRA20.7% 
Market (SPY)-3.1%-12.8%
Sector (XLE)27.6%71.2%

Fundamental Drivers

The 33.6% change in CTRA stock from 8/31/2025 to 3/13/2026 was primarily driven by a 22.3% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)24.0632.1533.6%
Change Contribution By: 
Total Revenues ($ Mil)6,6237,64515.4%
Net Income Margin (%)23.8%22.5%-5.6%
P/E Multiple11.614.222.3%
Shares Outstanding (Mil)7637610.3%
Cumulative Contribution33.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
CTRA33.6% 
Market (SPY)3.0%-0.3%
Sector (XLE)28.8%68.3%

Fundamental Drivers

The 24.2% change in CTRA stock from 2/28/2025 to 3/13/2026 was primarily driven by a 40.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820253132026Change
Stock Price ($)25.8932.1524.2%
Change Contribution By: 
Total Revenues ($ Mil)5,4587,64540.1%
Net Income Margin (%)20.5%22.5%9.4%
P/E Multiple17.114.2-16.5%
Shares Outstanding (Mil)739761-2.9%
Cumulative Contribution24.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
CTRA24.2% 
Market (SPY)12.4%37.0%
Sector (XLE)29.9%71.0%

Fundamental Drivers

The 45.1% change in CTRA stock from 2/28/2023 to 3/13/2026 was primarily driven by a 234.8% change in the company's P/E Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)22.1532.1545.1%
Change Contribution By: 
Total Revenues ($ Mil)9,0517,645-15.5%
Net Income Margin (%)44.9%22.5%-50.0%
P/E Multiple4.314.2234.8%
Shares Outstanding (Mil)7817612.6%
Cumulative Contribution45.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
CTRA45.1% 
Market (SPY)73.4%35.8%
Sector (XLE)51.3%73.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CTRA Return23%41%9%3%7%20%151%
Peers Return149%57%-2%15%4%21%449%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
CTRA Win Rate50%67%58%33%50%100% 
Peers Win Rate72%63%48%50%55%100% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
CTRA Max Drawdown-10%0%-6%-9%-11%-6% 
Peers Max Drawdown-0%-3%-21%-15%-11%-6% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: EOG, DVN, EQT, AR, RRC. See CTRA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventCTRAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-36.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven57.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven39.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven329 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-46.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven87.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven867 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-74.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven292.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven871 days1,480 days

Compare to EOG, DVN, EQT, AR, RRC

In The Past

Coterra Energy's stock fell -36.3% during the 2022 Inflation Shock from a high on 6/7/2022. A -36.3% loss requires a 57.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Coterra Energy (CTRA)

Coterra Energy Inc., an independent oil and gas company, engages in the development, exploration and production of oil, natural gas, and natural gas liquids in the United States. It primarily focuses on the Marcellus Shale with approximately 177,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania. The company also holds Permian Basin properties with approximately 306,000 net acres; and Anadarko Basin properties located in Oklahoma with approximately 182,000 net acres. In addition, it operates natural gas and saltwater disposal gathering systems in Texas. The company sells its natural gas to industrial customers, local distribution companies, oil and gas marketers, major energy companies, pipeline companies, and power generation facilities. As of December 31, 2021, it had proved reserves of approximately 2,892,582 thousand barrels of oil equivalent, which include 189,429 thousand barrels of oil and other liquid hydrocarbons, 14,895 billion cubic feet of natural gas, and 220,615 thousand barrels of natural gas liquids. The company was incorporated in 1989 and is headquartered in Houston, Texas.

AI Analysis | Feedback

1. A pure-play U.S. oil and natural gas producer, similar to EOG Resources or ConocoPhillips.

2. Like a ConocoPhillips, but specifically focused on extracting oil and gas from major U.S. shale basins such as the Marcellus and Permian.

AI Analysis | Feedback

  • Oil: Coterra Energy explores, develops, and produces crude oil from its properties in the United States.
  • Natural Gas: The company engages in the exploration, development, and production of natural gas, which it sells to a wide range of customers.
  • Natural Gas Liquids (NGLs): Coterra Energy is involved in the exploration, development, and production of natural gas liquids.
  • Natural Gas Gathering Systems: The company operates systems for collecting and transporting natural gas, primarily in Texas.
  • Saltwater Disposal Gathering Systems: Coterra Energy operates infrastructure for gathering and disposing of saltwater, primarily in Texas.

AI Analysis | Feedback

Coterra Energy (CTRA) - Major Customers

Coterra Energy primarily sells its products to other companies. Based on the provided description, its major customers fall into the following categories:
  • Industrial customers
  • Local distribution companies
  • Oil and gas marketers
  • Major energy companies
  • Pipeline companies
  • Power generation facilities

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

The accelerating global transition to renewable energy sources and the electrification of transportation and industrial processes, which directly threatens the long-term demand for oil and natural gas, Coterra's primary products.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

Better Bets vs. Coterra Energy (CTRA)

Latest Trefis Analyses

Trade Ideas

Select ideas related to CTRA.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
82.3%82.3%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
23.6%23.6%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
56.9%56.9%-7.0%
WHD_11212025_Dip_Buyer_ValueBuy11212025WHDCactusDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
31.6%31.6%0.0%
OVV_10172025_Dip_Buyer_FCFYield10172025OVVOvintivDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
41.7%41.7%0.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CTRAEOGDVNEQTARRRCMedian
NameCoterra .EOG Reso.Devon En.EQT Antero R.Range Re. 
Mkt Price32.15133.6046.2564.3740.9943.5144.88
Mkt Cap24.571.728.740.212.610.326.6
Rev LTM7,64522,58217,1888,3535,0142,9887,999
Op Inc LTM2,4477,2503,8563,0148308652,731
FCF LTM1,6343,4502,7972,8381,2435332,216
FCF 3Y Avg1,4064,7921,5141,5249394081,460
CFO LTM4,02110,0446,7115,1261,6311,1714,573
CFO 3Y Avg3,49111,1766,6183,7111,1581,0313,601

Growth & Margins

CTRAEOGDVNEQTARRRCMedian
NameCoterra .EOG Reso.Devon En.EQT Antero R.Range Re. 
Rev Chg LTM40.1%-3.4%7.8%60.0%21.7%27.3%24.5%
Rev Chg 3Y Avg-0.8%-8.0%-2.7%1.6%-10.2%-10.9%-5.3%
Rev Chg Q40.4%0.1%-6.4%25.8%11.7%16.3%14.0%
QoQ Delta Rev Chg LTM8.0%0.0%-1.6%5.9%2.7%3.8%3.3%
Op Mgn LTM32.0%32.1%22.4%36.1%16.5%29.0%30.5%
Op Mgn 3Y Avg31.2%35.3%27.0%18.1%8.5%22.1%24.5%
QoQ Delta Op Mgn LTM0.9%-1.3%-0.4%-1.0%1.5%1.8%0.2%
CFO/Rev LTM52.6%44.5%39.0%61.4%32.5%39.2%41.8%
CFO/Rev 3Y Avg55.2%48.4%41.1%59.4%25.5%39.3%44.8%
FCF/Rev LTM21.4%15.3%16.3%34.0%24.8%17.8%19.6%
FCF/Rev 3Y Avg22.2%20.7%9.3%22.6%20.8%15.3%20.7%

Valuation

CTRAEOGDVNEQTARRRCMedian
NameCoterra .EOG Reso.Devon En.EQT Antero R.Range Re. 
Mkt Cap24.571.728.740.212.610.326.6
P/S3.23.21.74.82.53.43.2
P/EBIT9.810.97.211.813.011.010.9
P/E14.214.410.919.719.915.615.0
P/CFO6.17.14.37.87.88.87.4
Total Yield9.8%10.0%11.4%6.0%5.0%7.0%8.4%
Dividend Yield2.8%3.0%2.2%1.0%0.0%0.6%1.6%
FCF Yield 3Y Avg7.2%7.3%5.8%5.9%10.2%5.1%6.6%
D/E0.20.10.30.20.30.10.2
Net D/E0.20.10.20.20.30.10.2

Returns

CTRAEOGDVNEQTARRRCMedian
NameCoterra .EOG Reso.Devon En.EQT Antero R.Range Re. 
1M Rtn2.3%13.0%2.9%13.4%16.7%19.6%13.2%
3M Rtn23.3%24.9%23.3%16.2%16.5%19.5%21.4%
6M Rtn34.1%15.2%34.8%27.1%23.9%23.6%25.5%
12M Rtn24.4%14.4%40.7%33.3%12.7%17.3%20.9%
3Y Rtn45.6%37.1%4.2%119.3%77.1%74.1%59.9%
1M Excs Rtn4.7%15.4%5.3%15.8%19.1%22.0%15.6%
3M Excs Rtn21.5%22.6%22.0%14.4%12.0%18.3%19.9%
6M Excs Rtn31.2%10.6%30.0%24.2%22.0%21.4%23.1%
12M Excs Rtn2.1%-9.5%15.8%12.0%-7.2%-4.2%-1.0%
3Y Excs Rtn-25.6%-42.7%-73.9%39.5%-6.7%-2.3%-16.2%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Oil2,9532,6673,016616 
Natural gas1,6932,2925,4692,7981,405
Natural gas liquid (NGL)738644964243 
Other77816513 
Gain (loss) on derivative instruments-3230-463-22161
Total5,4585,9149,0513,4491,466


Price Behavior

Price Behavior
Market Price$32.15 
Market Cap ($ Bil)24.5 
First Trading Date02/08/1990 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$28.75$25.49
DMA Trendupup
Distance from DMA11.8%26.1%
 3M1YR
Volatility30.0%31.1%
Downside Capture-132.9220.03
Upside Capture-21.3538.33
Correlation (SPY)-15.1%38.3%
CTRA Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta-0.28-0.45-0.40-0.000.620.66
Up Beta0.33-0.17-0.180.520.630.65
Down Beta3.010.910.420.611.020.96
Up Capture-80%-45%-35%-2%28%21%
Bmk +ve Days9203170142431
Stock +ve Days12263768139398
Down Capture-224%-218%-151%-103%33%74%
Bmk -ve Days12213054109320
Stock -ve Days9152353109344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CTRA
CTRA23.2%31.0%0.69-
Sector ETF (XLE)34.9%24.9%1.1571.1%
Equity (SPY)19.6%18.9%0.8138.2%
Gold (GLD)71.9%26.3%2.052.5%
Commodities (DBC)19.3%17.3%0.8948.1%
Real Estate (VNQ)6.2%16.3%0.1938.6%
Bitcoin (BTCUSD)-15.0%44.2%-0.2410.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CTRA
CTRA17.0%34.2%0.53-
Sector ETF (XLE)21.1%26.2%0.7372.7%
Equity (SPY)13.1%17.0%0.6133.6%
Gold (GLD)24.1%17.3%1.148.8%
Commodities (DBC)11.2%19.0%0.4747.7%
Real Estate (VNQ)4.8%18.8%0.1628.0%
Bitcoin (BTCUSD)6.4%56.7%0.3310.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CTRA
CTRA7.6%35.5%0.31-
Sector ETF (XLE)10.9%29.5%0.4155.3%
Equity (SPY)14.5%17.9%0.7036.7%
Gold (GLD)14.4%15.6%0.775.2%
Commodities (DBC)8.6%17.6%0.4036.2%
Real Estate (VNQ)5.6%20.7%0.2330.7%
Bitcoin (BTCUSD)67.5%66.8%1.075.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity19.4 Mil
Short Interest: % Change Since 2152026-10.2%
Average Daily Volume7.8 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity761.0 Mil
Short % of Basic Shares2.5%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/21/20262.0%3.9%16.9%
10/22/2025-0.1%0.3%11.4%
7/21/20252.1%3.1%1.0%
2/25/2025-1.9%-3.3%6.3%
10/31/2024-5.1%2.0%10.0%
8/1/2024-5.1%-5.6%-3.4%
2/23/2024-0.2%-0.1%7.9%
11/7/2023-2.1%-0.9%-9.8%
...
SUMMARY STATS   
# Positive121311
# Negative9810
Median Positive2.2%3.8%7.8%
Median Negative-2.1%-1.4%-3.8%
Max Positive3.9%14.7%32.9%
Max Negative-6.5%-7.6%-11.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/27/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/03/202210-Q
03/31/202205/03/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bell, Stephen PEVP - Business DevelopmentDirectSell522202525.26100,0002,525,8005,800,550Form
2Bell, Stephen PEVP - Business DevelopmentDirectSell509202523.00115,3852,653,8557,581,996Form
3Smith, Kevin WilliamSVP & Chief Technology OfficerDirectSell321202529.0925,733748,4443,086,326Form
4Vela, Adam MSVP & General CounselDirectSell318202528.778,000230,1202,905,495Form
5Sirgo, Blake ASVP - OperationsDirectSell318202528.1390,0002,531,8803,347,511Form