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Comstock Resources
(NYSE:CRK)
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Rating:62Neutral
Price Target:
$13.50
▼(-4.73% Downside)
Action:Reiterated
Date:09/06/26
CRK’s score is driven primarily by improved profitability but constrained by inconsistent free cash flow and meaningful leverage for a cyclical gas producer. Technicals are moderately positive with supportive momentum above key shorter-term averages, and valuation looks attractive on a low P/E. Earnings-call guidance and recent strategic financing events are constructive, but near-term gas price/basis and cost-pressure risks keep the overall score in the low 60s.
Positive Factors
Production growth and well productivity
Higher production and strong initial well rates indicate that Comstock’s Haynesville inventory can support meaningful volume growth. Continued drilling success should improve operating scale, sustain revenue capacity, and reinforce the productivity of its large acreage position over the next several quarters.
Negative Factors
Meaningful leverage and inconsistent free cash flow
Elevated leverage leaves Comstock more exposed to earnings downturns because interest and debt obligations remain while commodity revenue fluctuates. Inconsistent free cash flow also limits internally generated funds available for debt reduction, shareholder returns, or sustained development spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Production growth and well productivity
Higher production and strong initial well rates indicate that Comstock’s Haynesville inventory can support meaningful volume growth. Continued drilling success should improve operating scale, sustain revenue capacity, and reinforce the productivity of its large acreage position over the next several quarters.
Read all positive factors
Comstock Resources Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Data provided by:
The Fly
The FlyComstock Resources (CRK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.67B
Dividend Yield5.07%
Average Volume (3M)2.66M
Price to Earnings (P/E)7.2
Beta (1Y)0.38
Revenue Growth17.31%
EPS GrowthN/A
CountryUS
Employees252
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)1.76
Shares Outstanding293,620,540
10 Day Avg. Volume2,697,661
30 Day Avg. Volume2,662,772
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)2.55
Price to Sales (P/S)3.50
P/FCF Ratio-14.99
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.36Price Target Upside15.48% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)0.36
Revenue Forecast (FY)$1.90B
Comstock Resources Business Overview & Revenue Model
Company Description
Comstock Resources, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets covering an area of approximately 1,069,991 acres are ...
How the Company Makes Money
Comstock Resources makes money primarily by producing and selling hydrocarbons—mostly natural gas—extracted from its owned/leased acreage. Revenue is generated when produced volumes of natural gas, crude oil, and natural gas liquids are sold to th...
Comstock Resources Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented a mix of operational progress and financial headwinds. Operationally, Comstock demonstrated strong production growth, high initial well productivity (~30–31 MMcf/d IPs), a large and delineated acreage and drilling inventory, technology-driven efficiency initiatives (big-hole laterals, higher-temp motors, insulated drill pipe, 10,000-psi rigs) and a transformational midstream minority sale that improved the balance sheet, eliminated Pinnacle debt and generated $600 million of proceeds. On the negative side, weak natural gas prices and basis differentials meaningfully pressured realized revenue and earnings in the quarter, Western Haynesville drilling and completion costs rose sequentially and some drilling efficiencies softened, and management signaled 2027 activity remains contingent on a stronger pricing/hedge environment. Taken together, the operational momentum and balance-sheet actions outweigh near-term price-driven financial weakness, but commodity price risk and some Western execution cost risks remain.Positive Updates
Production Growth
Total production averaged 1.2 Bcfe/d in Q2 2026, up 16% sequentially versus Q1 2026 and up 1% year-over-year versus Q2 2025, driven by legacy Haynesville, Horseshoe and Western Haynesville drilling.
Negative Updates
Lower Realized Gas Prices Depressed Revenues
Market prices were weak in Q2: weighted-average NYMEX settlement $2.89 and Henry Hub spot $2.93 for the quarter. Realized gas price before hedges averaged $2.54 (a $0.35 basis differential versus NYMEX) with 32% of gas sold in the spot market; price weakness drove lower oil & gas sales and pressured GAAP results.
Read all updates
Q2-2026 Updates
Positive
Negative
Production Growth
Total production averaged 1.2 Bcfe/d in Q2 2026, up 16% sequentially versus Q1 2026 and up 1% year-over-year versus Q2 2025, driven by legacy Haynesville, Horseshoe and Western Haynesville drilling.
Read all positive updates
Company Guidance
Comstock’s 2026 guidance focuses on accelerating Western Haynesville development with four operated rigs (plan to drill 22 wells and turn 21 to sales) while running five rigs in the legacy Haynesville (plan to drill and turn 48 wells to sales), targeting sequential growth into Q3/Q4 and an exit roughly back to early‑2024 production levels; the company enters this program off Q2 averages of ~1.2 Bcfe/d production, $332M oil & gas sales (after hedging), $245M EBITDAX, $189M operating cash flow ex‑WC ($0.65/share), $0.77/Mcfe operating cost and a 74% EBITDAX margin. Key financial/capital metrics supporting the plan include ~ $1.2B total liquidity, $545M outstanding on the upstream facility (borrowing base $2.0B, elective commitment $1.5B), ~3.0x LTM leverage, and a midstream recapitalization (Sixth Street $600M for 27% of Pinnacle implying $2.2B EV, Pinnacle now debt‑free and saving ~$40M/year in fixed charges); production economics assume ~63% hedging (Q2 realized gas price $2.93 vs unhedged $2.54) and Comstock expects continued D&C cost and productivity improvements from big‑hole laterals, higher‑temp motors, 10,000‑psi rigs and higher proppant loading to lift EURs.Comstock Resources Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.88B | 1.93B | 1.25B | 1.57B | 3.63B | 1.85B |
| Gross Profit | 443.81M | 441.74M | -130.06M | 266.24M | 2.33B | 1.10B |
| EBITDA | 1.48B | 1.37B | 638.19M | 1.02B | 2.06B | 457.55M |
| Net Income | 532.86M | 420.20M | -218.75M | 211.89M | 1.14B | -241.72M |
Balance Sheet | ||||||
| Total Assets | 7.52B | 7.01B | 6.38B | 6.25B | 5.69B | 4.67B |
| Cash, Cash Equivalents and Short-Term Investments | 45.01M | 23.93M | 6.80M | 16.67M | 54.65M | 30.66M |
| Total Debt | 3.17B | 2.95B | 3.03B | 2.71B | 2.25B | 2.62B |
| Total Liabilities | 4.36B | 4.04B | 4.05B | 3.87B | 3.42B | 3.48B |
| Stockholders Equity | 2.58B | 2.65B | 2.24B | 2.36B | 2.28B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | -735.22M | -449.67M | -477.14M | -408.24M | 630.59M | 169.79M |
| Operating Cash Flow | 819.47M | 899.61M | 620.34M | 1.02B | 1.70B | 859.00M |
| Investing Cash Flow | -964.29M | -915.41M | -1.08B | -1.42B | -1.10B | -550.82M |
| Financing Cash Flow | 163.97M | 32.93M | 454.07M | 362.97M | -576.72M | -307.80M |
Comstock Resources Technical Analysis
Negative
14.17
Price Trends
13.83
Negative
13.80
Negative
17.14
Negative
Market Momentum
-0.37
Positive
36.79
Neutral
17.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRK, the sentiment is Negative. The current price of 14.17 is above the 20-day moving average (MA) of 14.06, above the 50-day MA of 13.83, and below the 200-day MA of 17.14, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 36.79 is Neutral, neither overbought nor oversold. The STOCH value of 17.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CRK.
Comstock Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $6.27B | 8.81 | 12.76% | 2.96% | 1.84% | -14.76% | |
74 Outperform | $2.69B | 6.08 | 27.20% | ― | 26.65% | ― | |
71 Outperform | $4.62B | 4.66 | 21.19% | 1.19% | 16.21% | 487.92% | |
67 Neutral | $4.26B | 88.69 | 1.12% | 3.72% | 24.25% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $3.67B | 7.23 | 20.61% | 5.07% | 17.31% | ― | |
62 Neutral | $2.42B | -4.48 | -23.85% | 7.92% | -3.02% | -183.44% |
* Energy Sector Average
CRK
Comstock Resources
12.32
-9.02
-42.27%
CNX
CNX Resources
31.17
-2.42
-7.20%
MTDR
Matador Resources
51.58
7.83
17.89%
NOG
Northern Oil And Gas
22.88
0.09
0.39%
GPOR
Gulfport Energy
150.48
-40.03
-21.01%
CRGY
Crescent Energy Company Class A
12.89
4.25
49.24%
Comstock Resources Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Comstock Resources Announces Major SOCAR Strategic Partnership
Positive
Sep 1, 2026
On September 1, 2026, Comstock Resources announced a $1.65 billion strategic partnership under a letter of intent with Azerbaijan’s state oil company SOCAR, which plans to acquire minority non-operated interests in Comstock’s Legacy an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.