Raymond James lowers PTs on shale producers to reflect weak oil prices

Brokerage Raymond James lowers Price Targets on shale producers Coterra Energy CTRA.N and Diamondback Energy FANG.O

Raymond James lowers CTRA's PT to $37 from $41, implying a premium of ~38% to stock's last close

Brokerage cuts FANG's PT to $214 from $245, representing nearly a 48% premium to previous closing price

Lower PTs reflect significant weakness in Brent crude prices LCoC1, which have fallen ~6% since the start of the year O/R

Raymond James maintains "outperform" rating on CTRA and "strong buy" on FANG

As of last close, CTRA stock has gained 5.3%, while FANG has dropped 11.7% YTD