Analysts Are Upgrading These 5 Stocks

In this article, we discuss the 5 stocks receiving upgrades from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Upgrading These 10 Stocks.

05. Coterra Energy Inc. (NYSE:CTRA)

Number of Hedge Fund Holders: 33

Coterra Energy (NYSE:CTRA) posted impressive Q4 results, exceeding its previously published guidance for both oil and gas production. The company’s total production for the quarter reached 632 thousand barrels of oil equivalent per day, with 90.7 thousand barrels of oil produced daily and 2.78 billion cubic feet of natural gas per day. Although total production was down 7.8% year-over-year, Coterra Energy (NYSE:CTRA) made up for it with an 8.8% increase in the realized oil price and a 9.9% increase in the price of natural gas. These positive trends in commodity prices contributed to the company’s robust revenue performance for the quarter and the full year 2022.

On April 19, Citi analyst Scott Gruber upgraded Coterra Energy Inc. (NYSE:CTRA) rating from Sell to Neutral, with a revised price target of $25, up from $22. The analyst believes that even if gas prices were to decline, Coterra Energy Inc. (NYSE:CTRA) proximity to cash cost means that the stock is unlikely to experience significant downward pressure in the near term. Additionally, the anticipated reduction in Haynesville drilling and production activity is expected to support gas prices along the forward curve and benefit E&P companies with portfolios focused on Appalachia, including Coterra Energy Inc. (NYSE:CTRA).