Yahoo Finance·2026-03-14 02:36Group 1 - Texas Capital downgraded Coterra Energy Inc. from Buy to Hold and reduced its price target from $34 to $31 following the announcement of a merger with Devon Energy [1] - Coterra missed Wall Street expectations for fourth-quarter profit due to weaker crude prices, with the average price of oil during the quarter at $58.16 per barrel, down from $68.57 a year earlier [2] - The company reported production of 813,100 barrels of oil equivalent per day, an increase from 681,500 boepd in the same period last year, and forecasted total production for 2026 to be between 750,000 to 810,000 boepd [3] Group 2 - Coterra Energy and Devon Energy announced a $58 billion merger aimed at increasing scale and improving cost efficiency amid declining oil prices, with expected annual pre-tax savings of $1 billion by 2027 [3] - Coterra's operations are primarily focused in the Permian Basin, Marcellus Shale, and Anadarko Basin, concentrating on the development and production of oil, natural gas, and natural gas liquids in the continental United States [4]