Coterra Energy stock slips 8.62% and underperforms rivals
Updated
Updated · MarketWatch · May 6
Coterra Energy stock slips 8.62% and underperforms rivals
7 articles · Updated · MarketWatch · May 6
Shares closed at $32.56 on Wednesday as the S&P 500 rose 1.46% to 7,365.12 and the Dow gained 1.24% to 49,910.59.
It was Coterra's second straight daily loss, leaving the stock 11.71% below its 52-week high of $36.88 reached on 30 March.
Coterra lagged peers including EOG Resources, down 4.35%, and Diamondback Energy, down 5.38%, while trading volume surged to 72.6 million shares versus a 50-day average of 9.3 million.
Was Coterra's 8.6% plunge due to its own bad earnings, or a symptom of a wider crisis in the energy sector?
Coterra's stock just plummeted. Can its merger with Devon succeed in a bearish oil market forecasting a global surplus?