Coterra Energy just upgraded at Wells Fargo, here’s why

As previously reported, Wells Fargo analyst Roger Read upgraded Coterra Energy to Overweight from Equal Weight with a price target of $30, up from $29, on relative valuation and strong momentum on oil production growth. Over the past 12 months, management has deftly orchestrated a turnaround for the company, the firm says. The company has been outpacing its production outlook for FY23 and increased its production guidance for two consecutive quarters. Given continued operational efficiency gains and strong well performance, Wells would not be surprised if the company positively revises its 3- year outlook in February.