FANG - Coterra Q1 results - beats bumps dividend sticks to shareholder return plan

Coterra Energy (NYSE:CTRA) reported Q1 results after the close Monday, beating earnings estimates, while generating strong free cash flow, raising the dividend and maintaining annual guidance. Interestingly, Coterra (CTRA) joined Chevron (CVX), Diamondback (FANG), Pioneer (PXD) and SM (SM) in guiding Q2 volumes below Q1 results:  Earnings - the Company generated $1.01 in adjusted earnings per share during the quarter, versus Street expectations for $0.81. Cash flow - the business generated $961m in free cash flow, or ~4.1% of the current market cap. Capital allocation - the Board authorized a 60c variable plus base dividend for the quarter (8.3% yield), and repurchased 7.6m shares (~1.0% of shares outstanding). Guide - capital and production guidance remained unchanged for 2022; however, Q2 volumes are expected to fall 2.3% sequentially. Ahead of Q1 results, investors were focused on management's reaction to elevated commodity prices and pressure to increase production following war in Ukraine. While maintaining

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Coterra Q1 results - beats, bumps dividend, sticks to shareholder return plan