Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Coterra Energy (NYSE: CTRA) had a fantastic start to its first day of trading on Monday, surging a massive 80%. The new face on the NYSE follows a merger between Cabot Oil & Gas and Cimarex – forming Coterra Energy as a brand new tradeable entity.
The market is responding well to the completion of the deal, which happened on Friday. Coterra Energy is poised to make a firm mark as a premier, diversified energy company; and investors will welcome the strong free cash flow profile and a superior returns model for its shareholders.
On the topic, Thomas E Jorden, CEO, President, and Director of Coterra stated: “With tremendous flexibility between premier oil and natural gas assets and a focus on operating efficiently, driving substantial cash flows and generating capital returns through commodity cycles, Coterra is ready to deliver enhanced value to our shareholders.”
Similarly, Dan O. Dinges, Executive Chairman, refers to the improvement in shareholder value: “Driven by a commitment to operating accountably, sustainably, and safely, Coterra will be well-positioned to increase returns to shareholders and deliver long-term value for all our stakeholders.”
With such a positive growth outlook and shareholder strategy, investors have been quick to the mark with this one – demonstrating 80% gains on the first day of trading. It will be interesting to see how well the stock handles the rest of the trading week. Coterra Energy is currently trading marginally under the $30 level.
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