Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent considerable time looking at Coterra Energy, and we want to begin with the single most important fact governing this analysis: today, May 7, 2026, Coterra is expected to close its all-stock merger with Devon Energy Corporation. Under the agreement signed February 1, 2026 and approved by both shareholder bases on May 4, 2026, every share of CTRA converts into 0.70 shares of Devon (DVN) common stock. Coterra ceases to exist as an independent reporting entity. A buyer of CTRA at today's market price is, in economic substance, buying a claim on Devon Energy at a fixed exchange ratio. That single fact reshapes the question.
Recent filings analysed: 8-K (2026-05-07), 10-Q (2026-05-06), 8-K (2026-05-05), 8-K (2026-04-24).
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