Coterra Energy to Merge with Devon Energy

Coterra Energy ( (CTRA) ) has shared an update.

On February 1, 2026, Coterra Energy agreed to merge with Devon Energy in an all-stock transaction that will combine the two U.S. shale producers into a single large-cap operator named Devon Energy, with Coterra shareholders receiving 0.70 Devon share for each Coterra share and owning about 46% of the combined company, while Devon shareholders will hold roughly 54%. The deal, unanimously approved by both boards and expected to close in the second quarter of 2026 subject to shareholder and regulatory approvals, will create one of the world’s largest shale producers, heavily weighted to the Delaware Basin with more than a decade of top-tier drilling inventory, and is projected to deliver about $1 billion in annual pre-tax synergies by 2027, strengthen the balance sheet, and be accretive to key per-share financial metrics and free cash flow, supporting an enhanced capital-return framework including a higher base dividend and a multibillion-dollar share buyback authorization. Governance of the combined company will be shared, with an 11-member board comprising six Devon and five Coterra directors, Devon’s CEO Clay Gaspar serving as chief executive and Coterra’s Tom Jorden as non-executive chair, while Coterra simultaneously updated severance and change-in-control protections for senior executives to provide extended coverage and accelerated vesting of equity awards in connection with the transaction.

The most recent analyst rating on (CTRA) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Coterra Energy stock, see the CTRA Stock Forecast page.

Spark’s Take on CTRA Stock

According to Spark, TipRanks’ AI Analyst, CTRA is a Outperform.

Coterra Energy’s overall stock score reflects strong financial performance and positive earnings call outcomes, with robust production and strategic cost management. However, technical analysis indicates potential overbought conditions, and valuation metrics suggest some market caution due to commodity price volatility.

To see Spark’s full report on CTRA stock, click here.

More about Coterra Energy

Coterra Energy is a Houston-based independent exploration and production company focused on oil and gas development in key U.S. shale plays, including the Permian Basin, Marcellus Shale and Anadarko Basin, while Devon Energy is a leading U.S. oil and gas producer with a diversified multi-basin portfolio anchored by a large Delaware Basin position; together they are targeting scale, long-duration inventory and robust free cash flow to underpin shareholder returns.

Average Trading Volume: 8,842,288

Technical Sentiment Signal: Buy

Current Market Cap: $21.97B

For detailed information about CTRA stock, go to TipRanks’ Stock Analysis page.