We are investigating the fairness of the proposed sale of Coterra Energy (NYSE: CTRA) (“Coterra”) to Devon Energy (“Devon”) pursuant to a fixed exchange ratio under which Coterra shareholders will receive 0.70 shares of Devon common stock for each share of Coterra common stock. Based on the closing price of Devon as of February 2, 2026, the implied sale price is approximately $28.10 per share.
The implied sale price is well below the price targets for Coterra of multiple Wall Street analysts, as per the list below (source: TipRanks).
Further, several Coterra shareholders on SeekingAlpha have expressed disappointment with the implied sale price, as further detailed below.
If you remain a Coterra shareholder and have concerns about the fairness of the proposed merger, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On February 2, 2026, Coterra announced that it had agreed to be sold to Devon Energy (“Devon”) pursuant to a fixed exchange ratio under which Coterra shareholders will receive 0.70 share of Devon common stock for each share of Coterra common stock. Based on the closing price of Devon as of February 2, 2026, the implied sale price is approximately $28.10 per share.
The implied sale price is well below the price targets for Coterra of multiple Wall Street analysts (source: TipRanks), including:
- Mark Lear of Piper Sandler ($36.00 per share)
- Nitin Kumar of Mizuho Securities ($36.00 per share)
- John Freeman of Raymond James ($34.00 per share)
- Josh Silverstein of UBS ($33.00 per share)
- Sam Margolin of Wells Fargo ($33.00 per share)
- David Deckelbaum of TD Cowen ($33.00 per share)
Further, several Coterra shareholders on SeekingAlpha have expressed disappointment with the implied sale price, including one investor who opined that “[t]his deal completely undervalues Coterras gas assets and balance sheet,” and another who asserted that “Coterra deserved 0.75 shares of Devon.”
“We are investigating whether the Coterra Board of Directors acted in the best interests of Coterra shareholders in approving the merger,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the exchange ratio agreed upon is fair to Coterra shareholders, and whether all material information regarding the transaction has been fully disclosed.”