Coterra Energy (CTRA) Valuation Update - June 4

[dan_s]

CTRA closed at $35.18 on June 3.

I have updated my forecast/valuation model for Coterra using my updated oil & gas price deck.

My current valuation increases by $7 to $54/share. < 6X annualized operating cash flow per share.
> Strong Balance Sheet
> Lots of running room
> ~5% annual production growth

Coterra's production mix is approximately 75% natural gas, 13.5% crude oil and 11.5% NGLs. It is the 5th of our "Gassers".
~65% of the Company's revenues in 2022 should be from dry gas sales.

Coterra pays a nice "Fixed + Variable" dividend and I will be moving it to our High Yield Income Portfolio. Next week I will be taking a hard look at each of our Small-Cap Growth Portfolio to see determine which ones need to be promoted to the Sweet 16.