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Comstock Resources
(NYSE:CRK)
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Rating:60Neutral
Price Target:
$15.50
▼(-8.07% Downside)
Action:Reiterated
Date:06/17/26
CRK scores as moderately attractive: valuation is compelling (low P/E) and profitability/operating cash generation have improved, supported by generally positive operational guidance and a deleveraging corporate event. Offsetting these strengths are weak technical trend signals and a key financial risk—free cash flow remains negative alongside a still-leveraged balance sheet.
Positive Factors
Improved Profitability & OCF
Trailing-twelve-month operating cash flow near $1.0B and markedly higher net income/margins show the business can generate durable operating cash. That cash generation supports funding drilling programs, servicing debt, and preserving liquidity through commodity cycles, improving structural resilience.
Negative Factors
Persistently Negative Free Cash Flow
Despite solid operating cash, persistent negative free cash flow indicates capital spending and working-capital needs exceed cash from operations. This forces reliance on external financing or asset transactions to fund growth and deleveraging, raising structural funding risk if commodity prices weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability & OCF
Trailing-twelve-month operating cash flow near $1.0B and markedly higher net income/margins show the business can generate durable operating cash. That cash generation supports funding drilling programs, servicing debt, and preserving liquidity through commodity cycles, improving structural resilience.
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
$4.09B
Dividend YieldN/A
Average Volume (3M)2.56M
Price to Earnings (P/E)6.3
Beta (1Y)0.71
Revenue Growth44.84%
EPS GrowthN/A
CountryUS
Employees252
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.16
Shares Outstanding293,695,830
10 Day Avg. Volume2,406,787
30 Day Avg. Volume2,564,094
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)2.55
Price to Sales (P/S)3.53
P/FCF Ratio-14.99
Enterprise Value/Market Cap1.68
Enterprise Value/Revenue3.43
Enterprise Value/Gross Profit6.81
Enterprise Value/Ebitda4.24
Forecast
1Y Price Target
$16.63Price Target Upside-1.39% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.5
Revenue Forecast (FY)$2.14B
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 natural gas, crude oil, and natural gas liquids (NGLs) from its upstream properties. Revenue is generated when produced volumes are sold under marketing and sales arrangements at pr...
Comstock Resources Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive strategic and operational outlook supported by robust liquidity, strong drilling results (multi-well high IPs), a large Western Haynesville inventory, meaningful cost-saving initiatives (horseshoe wells, longer laterals, equipment upgrades) and a major commercial development (5.2 GW NextEra power hub) that could drive long-term demand. Near-term challenges included weather-driven production declines, basis/hedge-related realized price pressure, some underperforming wells (water during flowback), and higher per-unit costs in the quarter. Management framed these issues as temporary and actionable (bigger fracs, conservative drawdown, technology adoption, additional frac fleet), emphasized balance-sheet protection and a deliberate pace of development to preserve value.Positive Updates
Top-Line and Cash Generation
Natural gas and oil sales of $339 million in Q1; operating cash flow of $192 million ($0.66 per share); adjusted EBITDAX of $251 million; adjusted net income of $44 million ($0.15 per share). Reported net income was $107 million ($0.38 per share) including a pretax $83 million unrealized hedge gain.
Negative Updates
Lower Production and Weather-Related Impacts
Q1 production averaged 1.1 Bcfe/day, below prior-year levels and management expectations due in part to significant winter weather shut-ins; lower production negatively impacted financial results and per-unit metrics for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line and Cash Generation
Natural gas and oil sales of $339 million in Q1; operating cash flow of $192 million ($0.66 per share); adjusted EBITDAX of $251 million; adjusted net income of $44 million ($0.15 per share). Reported net income was $107 million ($0.38 per share) including a pretax $83 million unrealized hedge gain.
Read all positive updates
Company Guidance
Management guided that production, which averaged 1.1 Bcfe/d in Q1, should rebound for the remainder of 2026 with Q2 volumes expected to rise roughly 13–15% as late‑quarter wells ramp; operationally they plan to run four frac fleets through year (fourth fleet added this month), operate nine rigs total (five on legacy, four on Western), drill 16 horseshoe wells in 2026, and continue a multi‑hundred‑million dollar development program (Q1 D&C spend $343M; management has said it may outspend roughly $400–450M depending on gas prices) while protecting the balance sheet (end‑Q1 upstream borrowings $350M on a $2.0B borrowing base with $1.5B elected commitment, a $150M Pinnacle midstream facility with $47M outstanding, LTM leverage 2.9x and ~ $1.3B liquidity); technical guidance emphasizes bigger fracs and more conservative drawdown to boost EURs and predictability (legacy benchmark drilling ~$700/ft and completions ~$652/ft vs Western drilling ~$1,534/ft and completions ~$1,537/ft), and management highlighted long‑term demand potential from the planned 5.2 GW Anderson County power hub that could require nearly 1 Bcf/d by 2031.Comstock Resources Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.01B | 1.91B | 1.25B | 1.57B | 3.63B | 1.85B |
| Gross Profit | 1.01B | 411.54M | -130.06M | 266.24M | 2.33B | 1.10B |
| EBITDA | 1.62B | 1.37B | 638.19M | 1.02B | 2.06B | 457.55M |
| Net Income | 653.37M | 395.61M | -218.75M | 211.89M | 1.14B | -241.72M |
Balance Sheet | ||||||
| Total Assets | 7.24B | 7.01B | 6.38B | 6.25B | 5.69B | 4.67B |
| Cash, Cash Equivalents and Short-Term Investments | 14.79M | 23.93M | 6.80M | 16.67M | 54.65M | 30.66M |
| Total Debt | 3.03B | 2.95B | 3.03B | 2.71B | 2.25B | 2.62B |
| Total Liabilities | 4.17B | 4.04B | 4.05B | 3.87B | 3.42B | 3.48B |
| Stockholders Equity | 2.76B | 2.65B | 2.24B | 2.36B | 2.28B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | -470.00M | -449.67M | -477.14M | -408.24M | 630.59M | 169.79M |
| Operating Cash Flow | 996.83M | 899.61M | 620.34M | 1.02B | 1.70B | 859.00M |
| Investing Cash Flow | -897.28M | -915.41M | -1.08B | -1.42B | -1.10B | -550.82M |
| Financing Cash Flow | -117.64M | 32.93M | 454.07M | 362.97M | -576.72M | -307.80M |
Comstock Resources Technical Analysis
Negative
16.86
Price Trends
14.33
Negative
16.87
Negative
19.38
Negative
Market Momentum
>-0.01
Negative
45.34
Neutral
28.26
Neutral
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 16.86 is above the 20-day moving average (MA) of 13.78, above the 50-day MA of 14.33, and below the 200-day MA of 19.38, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.34 is Neutral, neither overbought nor oversold. The STOCH value of 28.26 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $8.77B | 9.67 | 20.93% | 1.00% | 23.03% | 239.04% | |
71 Outperform | $12.39B | 7.76 | 25.11% | 3.80% | -17.38% | 54.99% | |
69 Neutral | $6.88B | -112.84 | -0.83% | 5.73% | -0.99% | -107.05% | |
67 Neutral | $4.69B | 3.84 | 27.46% | ― | 38.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $6.56B | 13.21 | 8.74% | 3.14% | -2.91% | -47.92% | |
60 Neutral | $4.09B | 6.34 | 26.11% | ― | 44.84% | ― |
* Energy Sector Average
CRK
Comstock Resources
13.69
-8.46
-38.19%
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Comstock Resources Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Comstock Sells Pinnacle Stake to Sixth Street, Deleverages
Positive
Jun 16, 2026
On June 15, 2026, Comstock Resources sold a 27% non‑controlling equity stake in its midstream subsidiary Pinnacle Gas Services to funds managed by investment firm Sixth Street for $600 million, implying a $2.2 billion enterprise value for Pi...
Executive/Board ChangesShareholder Meetings
Comstock Resources Shareholders Back Directors and Governance Matters
Positive
Jun 3, 2026
Comstock Resources held its Annual Meeting on June 2, 2026, where shareholders representing approximately 95% of the company’s voting capital stock participated, ensuring a strong quorum. All five nominated directors were re-elected for one-...
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.