Coterra Energy cut to Neutral at Goldman Sachs on reduced nat-gas exposure

Goldman Sachs downgraded Coterra Energy (CTRA) to Neutral from Buy with an unchanged $31 price target Given the acquisition of Franklin Mountain and Avant assets, Coterra’s portfolio has shifted toward higher oil production and reduced natural gas exposure, the analyst tells investors in a research note. In recent months, Coterra has more closely traded to oil producer peers and as a result has underperformed gas-focused E&P peers given the relatively more positive gas versus oil outlook, the firm added.