BUZZ-Street View: Coterra's oil buys in the Permian Basin to strengthen its output

Reuters11-14

** Coterra Energy said it would buy assets in New Mexico for a combined $3.95 billion in two separate deals

** Median PT of 25 analysts is $32

IMMEDIATELY ACCRETIVE; PRODUCTION RISES

** Barclays ("overweight") raises PT to $33 from $31; says acquisition adds core development area in Northern Delaware with significant upside to optimize operations; brokerage's prelim estimates show acquisitions increase 2025-2026 CFPS 12%

** Truist Securities ("buy") raises PT to $33 from $31; says "additional assets should eliminate any short inventory thesis on the company"

** "Expect deal to be initially accretive, though we believe the company could also add further accretion by potentially adding various public operators in the play, which we do not believe is out of the question for a later date" - Truist Securities

** TD Cowen ("buy", PT: $31) says assets help Coterra to "pivot more strategically towards oil"; see deal being 13%+ accretive to FCFS in 2025

** Raymond James ("overweight") raises PT to $35 from $31 on improved production outlook

** Morgan Stanley raises PT to $29 from $27, Piper Sandler raises PT to $33 from $31, J.P. Morgan raises PT to $29 from $24

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))

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PRODUCTION RISES   ** Barclays (\"overweight\") raises PT to $33 from $31; says acquisition adds core development area in Northern Delaware with significant upside to optimize operations; brokerage's prelim estimates show acquisitions increase 2025-2026 CFPS 12%   ** Truist Securities (\"buy\") raises PT to $33 from $31; says \"additional assets should eliminate any short inventory thesis on the company\"   ** \"Expect deal to be initially accretive, though we believe the company could also add further accretion by potentially adding various public operators in the play, which we do not believe is out of the question for a later date\" - Truist Securities    ** TD Cowen (\"buy\", PT: $31) says assets help Coterra to \"pivot more strategically towards oil\"; see deal being 13%+ accretive to FCFS in 2025   ** Raymond James (\"overweight\") raises PT to $35 from $31 on improved production outlook   ** Morgan Stanley raises PT to $29 from $27, Piper Sandler raises PT to $33 from $31, J.P. 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