Coterra Energy initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of Coterra Energy with an Equal Weight rating and $28 price target. The firm sees 2023 U.S. gas oversupply risks supporting the neutral outlook, and despite its its presence in the Permian and Anadarko basins, Coterra’s production profile remains tilted toward natural gas, the analyst tells investors in a research note.