Coterra Energy price target raised to $35 from $32 at Piper Sandler

Piper Sandler raised the firm’s price target on Coterra Energy (CTRA) to $35 from $32 to incorporate the Franklin Mountain and Avant Natural Resources acquisitions, while keeping an Overweight rating on the shares. The deals bring Coterra 49k net acres with 400-550 net locations, and open up a new focus area across the northern Delaware consisting of 83k net acres. The company is one of the best operators in the Delaware and looking at relative performance, Piper expects Coterra will drive stronger asset performance at lower costs across the acquired position.