Jim Cramer on Coterra Energy: "This Stock's Been Very Strong for the Past Couple Weeks"

Coterra Energy Inc. (NYSE:CTRA) is one of the stocks Jim Cramer discussed recently. Cramer highlighted that the Charitable Trust sold its Coterra stock in August. The Mad Money host said:

“After a brutal day for the market, I gotta talk about something that’s actually been working really well lately, Coterra Energy, the oil and gas producer with a major presence in both the Permian Basin down in Texas and the Marcellus Shale in Pennsylvania. A week and a half ago, Coterra reported what looked like a mixed quarter, modest revenue beat, paired with a small earnings miss. But management’s production forecast, which is what really matters… was more encouraging, especially now that the demand for natural gas is surging.

The next day, Coterra held its conference call. An activist firm called Cambridge released a public letter, calling on Coterra to divest some assets so they could focus more heavily on the Permian, where the oil is. Stock jumped 6% that day. Now, we used to own this one for the Charitable Trust, but we sold it around 24 in August. Why? Well, we just believe that oil and gas will not outperform the rest of the S&P this year. Since then, oil’s been very tough, but natural gas has roared. And this stock’s been very strong for the past couple weeks.”

Coterra Energy Inc. (NYSE:CTRA) explores, develops, and produces oil, natural gas, and natural gas liquids. Moreover, the company operates gathering and disposal systems and sells its energy products to industrial, utility, and pipeline customers.

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Disclosure: None. This article is originally published at Insider Monkey.