Key Takeaways Comstock plans to use $1.65B from SOCAR to reduce pro forma net debt to $1.5 billion.SOCAR brings LNG marketing capabilities while CRK retains operational control of its upstream assets.A $450M Jones JV will fund most drilling costs for 27 wells across the Western and Legacy Haynesville. Comstock Resources, Inc. (CRK - Free Report) has taken a major step toward reshaping its investment profile through two transactions tied to its Haynesville asset base. The natural gas producer announced a proposed $1.65 billion strategic partnership with the State Oil Company of the Azerbaijan Republic (“SOCAR”), along with a $450 million drilling joint venture with Jerry Jones. Together, the agreements offer CRK a path to reduce financial pressure, develop its resource base and boost growth.
SOCAR Deal Brings Cash & Strategic SupportUnder the proposed SOCAR transaction, the Azerbaijani energy company plans to acquire minority interests in Comstock’s Legacy Haynesville, Western Haynesville and Pinnacle Gas Services assets for $1.65 billion in cash. Comstock remains operator of its upstream assets and continues to manage and control Pinnacle Gas Services.
CRK’s biggest near-term benefit is its balance-sheet improvement. Comstock plans to use the proceeds to reduce debt, taking pro forma net debt from $3.1 billion to $1.5 billion based on June 30, 2026 levels. Lower leverage gives CRK greater financial flexibility and more room to fund development without relying as heavily on additional borrowing.
SOCAR also brings an investment-grade balance sheet and global liquefied natural gas (“LNG”) marketing capabilities. The partnership gives Comstock opportunities to market natural gas to international customers, expanding the strategic relevance of its Haynesville production.
Western Haynesville Gets More Development SupportThe stronger financial position matters because Comstock controls 545,000 net acres in the Western Haynesville, which management describes as one of the largest undeveloped natural gas resources in the United States.
The acreage is positioned to serve Gulf Coast demand tied to LNG exports, power generation and data centers. CRK plans to continue delineating and developing the area while keeping operational control. The deal supports a longer runway for production growth and resource monetization.
The agreement includes a reversion mechanism. SOCAR’s 15% interest in the Western Haynesville falls to 7.5% after five years, once it earns a 15% return. This provision allows Comstock to regain a larger share of the assets once its partner achieves the agreed-upon return.
Jones Venture Eases CRK’s Drilling BurdenThe separate drilling joint venture (JV) with Jerry Jones adds another funding source. A Jones family partnership will fund 85% of drilling and completion costs for 18 Western Haynesville wells and 80% for nine Legacy Haynesville wells over the next 12 months. The program is expected to cost about $450 million.
After the partnership earns a 15% return, half of the well interests revert to Comstock. The deal helps CRK advance drilling while limiting its capital burden. New production adds volumes for Pinnacle Gas Services, supporting Comstock’s midstream platform.
What Investors Need to WatchFor CRK investors, the deals improve the balance between growth and financial discipline. Lower debt, external drilling funding and retained operational control strengthen CRK’s business model and reinforce its long-term investment appeal.
The SOCAR transaction remains based on a letter of intent. The parties target a definitive agreement by Oct. 31, 2026 and closing by year-end, subject to negotiations, approvals and customary conditions. Execution remains the key near-term factor to watch.
CRK’s Zacks Rank & Key PicksComstock currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are Drilling Tools International Corporation (DTI - Free Report) , RPC, Inc. (RES - Free Report) and Oceaneering International, Inc. (OII - Free Report) . DTI currently sports a Zacks Rank #1 (Strong Buy), while RES and OII carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.
Drilling Tools manufactures and rents downhole tools used in oil and natural gas wells, positioning it to participate if greater power requirements translate into additional natural gas drilling activity. Despite softer North American land activity and Middle East disruptions, DTI generated $4.1 million of adjusted free cash flow in the second quarter of 2026, up substantially both sequentially and year over year, while management noted improving activity trends in several markets.
RPC provides completion, production and maintenance services, including pressure pumping, downhole tools, wireline and cementing, giving it exposure to upstream activity that may expand as electricity demand increases the need for dependable energy supplies. RES’ second-quarter revenues increased 1% sequentially to $460.9 million, while adjusted EBITDA rose 23.3% to $66 million, supported by an improved job mix and higher activity across several service lines.
Oceaneering International provides engineered services, products and robotic solutions to the offshore energy market. In the second quarter of 2026, revenues increased 10% to $768 million and adjusted EBITDA rose 11% to $115 million. OII’s Manufactured Products backlog stood at $445 million as of June 30, 2026, with additional orders expected during the second half.
Key Takeaways Comstock's production rebounded 16% sequentially in Q2, while unit production costs fell to 77 cents per Mcfe.CRK expects $1.45-$1.55B in 2026 capital spending after first-half capex exceeded operating cash flow.Comstock's 2026 earnings estimate fell 19.5% in four weeks, while its forward P/E remains elevated. Comstock Resources, Inc. (CRK - Free Report) offers a clear valuation-versus-risk tradeoff. Its deep Haynesville and Bossier inventory and recovering production support long-term optionality, but heavy spending, leverage and weaker earnings estimates limit the near-term case.
The stock’s discount on one valuation measure is not enough to resolve that tension. Investors still have to weigh improving operations against a capital program that remains larger than internally generated cash flow.
CRK's Valuation Is Mixed Rather Than CheapCRK trades at about 2.0X forward 12-month sales, below the Zacks sub-industry’s 3.7X but above its five-year median of 1.7X. Its forward price-to-earnings multiple of about 35.3X is also well above the industry comparison of 9.9X, weakening the argument that the shares are broadly inexpensive.
Natural-gas investors can also compare CRK with CNX Resources Corporation (CNX - Free Report) , an Appalachian natural gas development, production and midstream company. EQT Corporation (EQT - Free Report) is another relevant reference point as a vertically integrated natural gas producer with production and midstream operations focused in the Appalachian Basin.
Comstock's Capital Load Keeps Leverage HighComstock ended the second quarter of 2026 with about $3.13 billion of total debt and $45 million of cash, while last-12-month net leverage was 3 times. First-half cash capital expenditures of $829.5 million exceeded $442.2 million of operating cash flow.
The Pinnacle transaction reduced fixed charges and left the midstream unit debt-free, but the upstream funding burden remains substantial. Comstock still expects 2026 total capital spending of $1.45-$1.55 billion, keeping financial flexibility closely tied to natural gas prices and operating cash generation.
CRK's Production Recovery Offers Some SupportSecond-quarter production rebounded 16% sequentially and 1% year over year to 113.1 Bcfe. Unit production costs improved to 77 cents per Mcfe from 93 cents in the first quarter, helped by higher production and lower lifting, general and administrative, tax and gathering costs per unit.
Management guides third-quarter production to 1.3-1.4 Bcfe per day. The company also plans to turn 48 legacy and 21 Western Haynesville wells to sales in 2026, so continued execution across its drilling program is important to sustaining the recovery.
Comstock's Estimate Revisions Argue for PatienceThe Zacks Consensus Estimate for 2026 earnings is 40 cents per share, down 19.5% over the past four weeks. The 2027 consensus estimate stands at 50 cents per share, leaving the earnings outlook dependent on better commodity pricing and continued operating progress.
Second-quarter revenues missed the consensus mark by 14.9%, even though adjusted earnings of 3 cents per share topped expectations. Comstock also pays no dividend, so shareholder returns remain more dependent on commodity prices, production growth and execution.
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CRK's Sell Signal Keeps the Value Case in CheckThe bottom line is that CRK has asset depth and improving production, but its spending requirements, leverage and weaker estimate trend argue for patience. The current valuation discount on sales does not fully offset those risks, especially with earnings-based valuation still elevated.
CRK currently has a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It also has a Value Score of B, Growth Score of D, Momentum Score of F and VGM Score of D. The Value Score reflects some valuation appeal, but the weaker Growth and Momentum Scores and the Sell rank indicate that the stock does not currently combine favorable style characteristics with supportive estimate revisions.
BlackRock Inc. purchased a new position in Comstock Resources, Inc. (NYSE:CRK – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 11,835,338 shares of the oil and gas producer’s stock, valued at approximately $176,583,000. BlackRock Inc. owned approximately 4.03% of Comstock Resources as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rothschild Investment LLC boosted its holdings in Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources during the third quarter worth $27,000. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources in the 4th quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Comstock Resources in the 1st quarter worth about $29,000. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 1,290 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.
Comstock Resources Stock Up 0.8% Shares of CRK stock opened at $14.62 on Friday. Comstock Resources, Inc. has a 1 year low of $12.12 and a 1 year high of $28.10. The stock has a market cap of $4.29 billion, a PE ratio of 8.21 and a beta of 0.13. The business’s fifty day moving average is $13.68 and its 200-day moving average is $16.10. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.
Comstock Resources (NYSE:CRK – Get Free Report) last released its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. During the same period in the prior year, the business earned $0.13 earnings per share. The business’s quarterly revenue was down 24.9% on a year-over-year basis. Equities analysts expect that Comstock Resources, Inc. will post 0.4 earnings per share for the current fiscal year. Analyst Ratings Changes Several equities analysts have recently commented on the company. Roth Capital reaffirmed a “neutral” rating on shares of Comstock Resources in a report on Thursday, July 30th. Morgan Stanley set a $15.00 price objective on Comstock Resources and gave the stock an “equal weight” rating in a research note on Wednesday, August 19th. Citigroup dropped their target price on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, July 20th. Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Finally, The Goldman Sachs Group reduced their price target on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a report on Tuesday, June 30th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources has an average rating of “Reduce” and an average price target of $14.89.
Check Out Our Latest Stock Analysis on CRK
Comstock Resources Company Profile (Free Report)
Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.
Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.
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It has been about a month since the last earnings report for Comstock Resources (CRK - Free Report) . Shares have added about 15.1% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Comstock due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
Comstock Q2 Earnings Beat Estimates on Higher ProductionComstock Resources reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 2 cents by 50%. The bottom line declined from 12 cents in the year-ago quarter.
Total revenues of $353.28 million missed the consensus mark of $415.15 million by 14.9%. The top line fell 24.9% from $470.26 million a year ago.
The better-than-expected earnings were driven by higher production volume. Lower natural gas prices and reduced gas services revenues offset the positives.
Production Returns to Sequential GrowthTotal production averaged 1,243 million cubic feet equivalent per day (MMcfe/d), up from 1,233 MMcfe/d a year earlier. Natural gas production totaled 113,069 million cubic feet (MMcf) compared with 112,164 MMcf in the prior-year period, while oil production declined to 5,000 barrels from 13,000 barrels.
Comstock turned 16 operated wells to sales during the quarter. The company brought five Western Haynesville wells to sales with an average lateral length of 9,679 feet and an average initial production rate of 33 MMcf per day. It also turned 12 Legacy Haynesville wells to sales, including five horseshoe wells.
Gas Pricing Weighs on SalesThe average realized natural gas price before hedging declined to $2.54 per thousand cubic feet (Mcf) from $3.02 per Mcf a year ago. Including hedging, the realized natural gas price was $2.93 per Mcf compared with $3.06 per Mcf in the second quarter of 2025.
Natural gas and oil sales, including realized hedging gains, totaled $331.55 million, down from $344.25 million a year earlier. The quarter included $43.33 million of natural gas hedging settlements, sharply higher than $4.29 million in the year-ago period, cushioning the impact of weaker market prices.
Gas Services Revenues Decline SharplyNatural gas sales declined to $287.75 million from $339.23 million a year earlier. Gas services revenues decreased to $63.48 million from $130.30 million, accounting for much of the year-over-year decline in consolidated revenues.
Gas services expenses dropped to $63.01 million from $126.71 million. The business generated a margin of $467,000 compared with $3.58 million in the prior-year quarter, reflecting a substantially smaller level of activity.
Comstock Keeps Unit Production Costs in CheckTotal production costs averaged 77 cents per Mcfe, improving from 80 cents a year ago. The cost structure per Mcfe for the second quarter of 2026 included 38 cents for gathering and transportation, 25 cents for lease operating expenses, 6 cents for production and ad valorem taxes, and 8 cents for cash general and administrative expenses compared with 37 cents, 28 cents, 9 cents and 6 cents, respectively, in the year-ago quarter.
Comstock’s unhedged operating margin was 70%, down from 73% in the prior-year period. The hedged operating margin remained unchanged at 74%, demonstrating the benefit of the company’s commodity-price protection during a weaker pricing quarter.
Cash Flow Supports Heavy Drilling SpendAdjusted earnings before interest, taxes, depreciation, amortizations and explorations declined to $244.81 million from $259.74 million a year ago. Operating cash flow before working capital changes totaled $188.51 million or 65 cents per share compared with $209.64 million in the prior-year quarter.
Exploration and development capital expenditures increased to $390.43 million from $268.20 million. Comstock spent $174.36 million on exploratory drilling and completion and $199.36 million on development drilling and completion as it advanced both the Western and Legacy Haynesville programs.
Comstock Strengthens Its Balance Sheet With Pinnacle DealComstock sold a 27% noncontrolling interest in Pinnacle Gas Services to Sixth Street for $600 million. The proceeds were used to retire Pinnacle’s preferred equity and outstanding debt. Comstock retained a 73% controlling stake and continued to operate the midstream business.
At June 30, 2026, CRK had $45.01 million in cash and $3.10 billion of long-term debt. Total liquidity was about $1.15 billion.
2026 OutlookComstock expects third-quarter 2026 production to be in the range of 1,300-1,400 MMcfe/d, above the second quarter’s 1,243 MMcfe/d. The company’s full-year production guidance remains unchanged at 1,250-1,400 MMcfe/d, supported by continued development across the Legacy and Western Haynesville areas. For 2026, CRK plans to drill 22 Western Haynesville wells and turn 21 wells to sales.
Total capital expenditures are projected to be in the range of $375-$450 million for the third quarter and $1.45-$1.55 billion for 2026. Pinnacle Gas Services spending is expected to total $25-$45 million in the third quarter and $100-$150 million for the full year.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -40% due to these changes.
VGM ScoresCurrently, Comstock has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Comstock has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerComstock belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, EQT Corporation (EQT - Free Report) , has gained 3.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
EQT reported revenues of $1.81 billion in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.39 for the same period compares with $0.45 a year ago.
For the current quarter, EQT is expected to post earnings of $0.50 per share, indicating a change of -3.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -11.3% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for EQT. Also, the stock has a VGM Score of C.
Bank of America Corp DE increased its holdings in shares of Comstock Resources, Inc. (NYSE:CRK – Free Report) by 5.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 726,140 shares of the oil and gas producer’s stock after purchasing an additional 38,060 shares during the quarter. Bank of America Corp DE owned 0.25% of Comstock Resources worth $15,307,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rothschild Investment LLC increased its holdings in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Comstock Resources in the fourth quarter valued at approximately $29,000. Advisory Services Network LLC acquired a new position in shares of Comstock Resources in the third quarter valued at approximately $27,000. Hantz Financial Services Inc. increased its stake in Comstock Resources by 877.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 1,290 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in Comstock Resources during the 1st quarter worth approximately $29,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.
Comstock Resources Stock Up 1.8% CRK opened at $13.79 on Friday. Comstock Resources, Inc. has a 52 week low of $12.12 and a 52 week high of $28.10. The firm has a market cap of $4.05 billion, a P/E ratio of 7.75 and a beta of 0.13. The business’s fifty day simple moving average is $13.57 and its 200 day simple moving average is $16.36. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.
Comstock Resources (NYSE:CRK – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The company had revenue of $353.28 million during the quarter, compared to the consensus estimate of $419.22 million. During the same period in the previous year, the firm posted $0.13 EPS. Comstock Resources’s revenue was down 24.9% on a year-over-year basis. As a group, equities research analysts anticipate that Comstock Resources, Inc. will post 0.45 EPS for the current fiscal year. Analyst Ratings Changes CRK has been the topic of a number of recent analyst reports. Williams Trading set a $16.00 price objective on shares of Comstock Resources in a research report on Thursday, May 14th. UBS Group reiterated a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Morgan Stanley set a $15.00 price objective on shares of Comstock Resources and gave the stock an “equal weight” rating in a research report on Wednesday. Mizuho set a $19.00 target price on shares of Comstock Resources in a research report on Monday, August 10th. Finally, The Goldman Sachs Group dropped their price objective on Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a report on Tuesday, June 30th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $14.89.
Read Our Latest Analysis on CRK
Comstock Resources Profile (Free Report)
Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.
Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.
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Top 4 Large-Cap Stocks With Major Short InterestComstock Resources NYSE: CRK reported higher second-quarter production but lower financial results as natural gas prices declined, while advancing drilling activity and infrastructure development across its Western and Legacy Haynesville positions.
Second-quarter production averaged 1.2 billion cubic feet equivalent per day, up 16% from the first quarter and slightly above the year-earlier period. Natural gas and oil sales, including realized hedging gains, totaled $332 million, while operating cash flow excluding working-capital changes was $189 million, or $0.65 per share. Adjusted EBITDA was $245 million.
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Chairman and Chief Executive Officer Jay Allison said the company’s drilling results in the Western Haynesville, Legacy Haynesville and Horseshoe developments are supporting future production and reserve growth. However, lower natural gas prices weighed on quarterly revenue and profitability.
Financial Results and Balance Sheet President and Chief Financial Officer Roland Burns said Comstock recorded a non-GAAP profit of $0.03 per share in the quarter. The result included a $1 million unrealized mark-to-market gain associated with the company’s hedge book. Excluding that gain, seismic-related exploration expense in the Western Haynesville and other non-recurring items, Comstock reported adjusted net income of $8 million, or $0.03 per share.
For the first half of 2026, Comstock generated $670 million in oil and gas sales, $496 million in EBITDAX and $380 million in cash flow. Reported first-half profit was $116 million, or $0.40 per share, including an $84 million pre-tax unrealized hedge gain. Adjusted net income for the six-month period was $48 million, or $0.16 per share, Burns said.
The company’s weighted average NYMEX natural gas settlement price was $2.89 per million British thermal units during the second quarter. Comstock realized an unhedged gas price of $2.54 per Mcf, reflecting a $0.35 basis differential to the NYMEX settlement price. The company was 63% hedged during the quarter, which lifted its realized gas price to $2.93 per Mcf.
Operating costs averaged $0.77 per Mcfe, down $0.16 from the first quarter. Burns attributed the improvement largely to higher production volumes, lower lifting and general-and-administrative costs per unit, as well as lower gathering costs and taxes. The company’s EBITDAX margin improved to 74%.
At quarter-end, Comstock had $545 million outstanding under its upstream credit facility, which has a $2 billion borrowing base and a $1.5 billion elected commitment. The midstream credit facility had no outstanding borrowings following the company’s Pinnacle transaction. Comstock reported nearly $1.2 billion of liquidity and a last-12-month leverage ratio of three times.
Pinnacle Transaction On June 15, Comstock completed the sale of a 27% non-controlling common equity interest in its Pinnacle Gas Services midstream subsidiary to funds managed by Sixth Street for $600 million. The proceeds were used to retire Pinnacle’s preferred equity and all outstanding debt.
The investment implied a $2.2 billion enterprise value for Pinnacle, according to Allison. Comstock retained a 73% controlling interest, with an implied value of $1.6 billion. After certain return hurdles are met, Comstock’s ownership would increase to 80.5%.
Allison said Pinnacle is now debt-free and will save about $40 million annually in fixed charges. Comstock also retained operational control and key decision-making authority over the system, which supports its growing Western Haynesville development program.
Drilling Activity and Well Results Comstock spent $390 million on development during the second quarter and $734 million in the first half. During the six-month period, the company drilled 34 gross horizontal Haynesville and Bossier wells, or 30.9 net wells, and turned 29 gross operated wells to sales, or 24.4 net wells. Those wells had an average initial production rate of 30 million cubic feet per day.
The company turned 22 Legacy Haynesville wells to sales through the first half, with average lateral lengths of 12,052 feet and average initial production rates of 31 million cubic feet per day. Eight of those wells were Horseshoe wells.
In the Western Haynesville, Comstock turned 11 wells to sales with average lateral lengths of 10,331 feet and average initial production rates of 31 million cubic feet per day. The five Western Haynesville wells brought online since the company’s first-quarter update produced initial rates ranging from 30 million to 35 million cubic feet per day.
Chief Operating Officer Dan Harrison said Comstock has 41 producing Western Haynesville wells and 13 more wells in various stages of development. The company’s Western Haynesville position totals more than 545,000 net acres, while its overall Haynesville and Bossier footprint includes approximately 809,244 net acres.
Cost and Technology Initiatives Comstock is testing drilling and completion changes intended to improve Western Haynesville economics. During the quarter, Western Haynesville drilling costs averaged $1,738 per lateral foot, up 13% from the prior quarter, due in part to steering difficulties on two wells. Completion costs averaged $1,609 per foot, up 5% sequentially.
Harrison said the company’s first “big hole” Western Haynesville lateral was drilled at a cost of $1,306 per lateral foot, 25% below the quarterly average. Comstock is drilling two additional big-hole laterals to assess whether the results can be repeated. The larger hole design is expected to improve steering, reduce downhole temperatures and potentially enable longer, more reliable drilling runs.
The company also plans to deploy its first 10,000-PSI rig in the Western Haynesville during the fall and expects to test higher-temperature-rated drilling motors in coming months. Harrison said Comstock is discussing the potential development of a 20,000-PSI frac spread with industry partners, an initiative he described as a potential 2027 event.
Comstock increased proppant loading on wells completed during the second quarter, while maintaining tighter cluster spacing and smaller frac stages introduced last year. Management said early flowing pressures on the higher-proppant wells have been encouraging, though additional production history will be needed to assess their ultimate recoveries.
2026 Outlook Comstock plans to operate four rigs in the Western Haynesville and five rigs in the Legacy Haynesville. For 2026, it expects to drill 22 Western Haynesville wells and turn 21 to sales, while drilling and turning 48 Legacy Haynesville wells to sales.
During the question-and-answer session, Vice President of Finance and Investor Relations Ron Mills said Comstock remained on track for fourth-quarter production to return to levels seen during the first half of 2024. He said both the third and fourth quarters were expected to show similar sequential production growth based on the company’s guidance.
Management said 2027 activity will be evaluated later in the year and will depend in part on natural gas prices and the company’s ability to hedge at prices that support further development.
About Comstock Resources (NYSE:CRK)Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.
Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways CRK Q2 earnings top estimates as higher production offset weaker gas prices and lower gas services revenues.Production rose 1% y/y as Comstock turned 16 operated Haynesville wells to sales during the quarter.Comstock sold a 27% stake in Pinnacle Gas Services, reduced debt and maintained its 2026 production guidance. Comstock Resources, Inc. (CRK - Free Report) reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 2 cents by 50%. The bottom line declined from 12 cents in the year-ago quarter.
Total revenues of $353.28 million missed the consensus mark of $415.15 million by 14.9%. The top line fell 24.9% from $470.26 million a year ago.
The better-than-expected earnings were driven by higher production volume. Lower natural gas prices and reduced gas services revenues offset the positives.
CRK's Production Returns to Sequential GrowthTotal production averaged 1,243 million cubic feet equivalent per day (MMcfe/d), up from 1,233 MMcfe/d a year earlier. Natural gas production totaled 113,069 million cubic feet (MMcf) compared with 112,164 MMcf in the prior-year period, while oil production declined to 5,000 barrels from 13,000 barrels.
Comstock turned 16 operated wells to sales during the quarter. The company brought five Western Haynesville wells to sales with an average lateral length of 9,679 feet and an average initial production rate of 33 MMcf per day. It also turned 12 Legacy Haynesville wells to sales, including five horseshoe wells.
Comstock's Gas Pricing Weighs on SalesThe average realized natural gas price before hedging declined to $2.54 per thousand cubic feet (Mcf) from $3.02 per Mcf a year ago. Including hedging, the realized natural gas price was $2.93 per Mcf compared with $3.06 per Mcf in the second quarter of 2025.
Natural gas and oil sales, including realized hedging gains, totaled $331.55 million, down from $344.25 million a year earlier. The quarter included $43.33 million of natural gas hedging settlements, sharply higher than $4.29 million in the year-ago period, cushioning the impact of weaker market prices.
CRK's Gas Services Revenues Declines SharplyNatural gas sales declined to $287.75 million from $339.23 million a year earlier. Gas services revenues decreased to $63.48 million from $130.30 million, accounting for much of the year-over-year decline in consolidated revenues.
Gas services expenses dropped to $63.01 million from $126.71 million. The business generated a margin of $467,000 compared with $3.58 million in the prior-year quarter, reflecting a substantially smaller level of activity.
Comstock Keeps Unit Production Costs in CheckTotal production costs averaged 77 cents per Mcfe, improving from 80 cents a year ago. The cost structure per Mcfe for the second quarter of 2026 included 38 cents for gathering and transportation, 25 cents for lease operating expenses, 6 cents for production and ad valorem taxes, and 8 cents for cash general and administrative expenses compared with 37 cents, 28 cents, 9 cents and 6 cents, respectively, in the year-ago quarter.
Comstock’s unhedged operating margin was 70%, down from 73% in the prior-year period. The hedged operating margin remained unchanged at 74%, demonstrating the benefit of the company’s commodity-price protection during a weaker pricing quarter.
CRK's Cash Flow Supports Heavy Drilling SpendAdjusted earnings before interest, taxes, depreciation, amortizations and explorations declined to $244.81 million from $259.74 million a year ago. Operating cash flow before working capital changes totaled $188.51 million or 65 cents per share compared with $209.64 million in the prior-year quarter.
Exploration and development capital expenditures increased to $390.43 million from $268.20 million. Comstock spent $174.36 million on exploratory drilling and completion and $199.36 million on development drilling and completion as it advanced both the Western and Legacy Haynesville programs.
Comstock Strengthens Its Balance Sheet With Pinnacle DealComstock sold a 27% noncontrolling interest in Pinnacle Gas Services to Sixth Street for $600 million. The proceeds were used to retire Pinnacle’s preferred equity and outstanding debt. Comstock retained a 73% controlling stake and continued to operate the midstream business.
At June 30, 2026, CRK had $45.01 million in cash and $3.10 billion of long-term debt. Total liquidity was about $1.15 billion.
2026 Outlook of CRKComstock expects third-quarter 2026 production to be in the range of 1,300-1,400 MMcfe/d, above the second quarter’s 1,243 MMcfe/d. The company’s full-year production guidance remains unchanged at 1,250-1,400 MMcfe/d, supported by continued development across the Legacy and Western Haynesville areas. For 2026, CRK plans to drill 22 Western Haynesville wells and turn 21 wells to sales.
Total capital expenditures are projected to be in the range of $375-$450 million for the third quarter and $1.45-$1.55 billion for 2026. Pinnacle Gas Services spending is expected to total $25-$45 million in the third quarter and $100-$150 million for the full year.
CRK’s Zacks Rank & Key PicksComstock currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the energy sector are NOV Inc. (NOV - Free Report) , HF Sinclair Corporation (DINO - Free Report) and Cactus, Inc. (WHD - Free Report) . NOV sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
NOV reported second-quarter 2026 adjusted earnings of 31 cents per share, which topped the Zacks Consensus Estimate of 16 cents per share.
As of June 30, 2026, NOV had long-term debt of $1.69 billion, and cash and cash equivalents of $1.16 billion.
HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, which surpassed the Zacks Consensus Estimate of $4.39 per share.
As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.
Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, which beat the Zacks Consensus Estimate of 71 cents per share.
As of June 30, 2026, WHD had cash and cash equivalents of $365 million.
Comstock Resources (CRK - Free Report) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.23 per share when it actually produced earnings of $0.15, delivering a surprise of -34.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Comstock, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $353.28 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 14.9%. This compares to year-ago revenues of $470.26 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Comstock shares have lost about 46.6% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Comstock?While Comstock has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Comstock was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.10 on $484.59 million in revenues for the coming quarter and $0.50 on $2.05 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Ring Energy (REI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This independent oil and gas company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -60%. The consensus EPS estimate for the quarter has been revised 66.7% lower over the last 30 days to the current level.
Ring Energy's revenues are expected to be $102.2 million, up 23.7% from the year-ago quarter.
Comstock Resources (CRK - Free Report) reported $353.28 million in revenue for the quarter ended June 2026, representing a year-over-year decline of 24.9%. EPS of $0.03 for the same period compares to $0.13 a year ago.
The reported revenue represents a surprise of -14.9% over the Zacks Consensus Estimate of $415.15 million. With the consensus EPS estimate being $0.02, the EPS surprise was +50%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Comstock performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average oil price: $95.20 compared to the $82.19 average estimate based on three analysts.Average natural gas price: $2.54 versus the two-analyst average estimate of $2.58.Average natural gas price including hedging: $2.93 compared to the $2.98 average estimate based on two analysts.Revenues- Natural gas sales: $287.75 million versus the two-analyst average estimate of $307.16 million. The reported number represents a year-over-year change of -15.2%.Revenues- Oil sales: $0.48 million versus $0.87 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -35.8% change.View all Key Company Metrics for Comstock here>>>
Shares of Comstock have returned -17% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
FRISCO, TX, July 29, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended June 30, 2026.
Highlights of 2026's Second Quarter
Return of production growth in quarter with 16% growth over first quarter.Sold a 27% noncontrolling common equity interest in Pinnacle Gas Services LLC ("Pinnacle") for $600 million and used the proceeds to redeem and retire all of Pinnacle's preferred equity securities and its outstanding indebtedness.Turned five Western Haynesville wells to sales in the second quarter with an average lateral length of 9,679 feet and an average per well initial production rate of 33 MMcf per day.Turned twelve Legacy Haynesville wells to sales during the second quarter with an average lateral length of 11,835 feet and an average per well initial production rate of 31 MMcf per day. Five of these wells were horseshoe wells.Second quarter 2026 financial results: Natural gas and oil sales, including realized hedging gains, were $332 million for the quarter.Cash flows from operating activities was $170 million and operating cash flow before changes in working capital was $189 million or $0.65 per share.Net income available to the Company was $9 million, or $0.03 per share and adjusted net income available to the Company was $8 million or $0.03 per share for the quarter.Net income was $15 million and adjusted EBITDAX was $245 million. Financial Results for the Three Months Ended June 30, 2026
Comstock produced 113.1 Bcfe in the second quarter of 2026, which increased 16% from the first quarter of this year and increased 1% from the same period in 2025. During the second quarter of 2026, Comstock realized $2.55 per Mcfe before hedging and $2.93 per Mcfe after hedging. Comstock's natural gas and oil sales in the second quarter of 2026 were $331.6 million (including realized hedging gains of $43.3 million). Cash flows from operating activities in the second quarter of 2026 was $170.2 million. Operating cash flow before changes in working capital generated in the second quarter of 2026 was $188.5 million, and net income available to the Company for the second quarter was $8.8 million or $0.03 per diluted share. The net income available to the Company in the quarter included a pre-tax $1.0 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the first quarter of 2026. Excluding this item, exploration expense and gain on sale of assets, adjusted net income available to the Company for the second quarter of 2026 was $8.3 million, or $0.03 per diluted share.
Comstock's production cost per Mcfe in the second quarter returned to normal levels and averaged $0.77 per Mcfe, which was comprised of $0.38 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.08 for cash general and administrative expenses. Comstock's unhedged operating margin was 70% in the second quarter of 2026 and 74% after hedging.
Financial Results for the Six Months Ended June 30, 2026
For the six months ended June 30, 2026, production was down 7% to 1,166 MMcfe per day compared to the same period in 2025. Comstock realized $3.35 per Mcfe before hedging and $3.18 per Mcfe after hedging for its production of 211.0 Bcfe. Natural gas and oil sales for the six months ended June 30, 2026 totaled $670.2 million (including realized hedging losses of $37.1 million). Cash flows from operating activities for the first six months of 2026 was $442.2 million. Operating cash flow before changes in working capital generated in the first six months of 2026 was $380.4 million, and net income available to the Company was $116.2 million or $0.40 per diluted share. Net income available to the Company for the first six months of 2026 included a pre-tax $83.8 million unrealized gain on hedging contracts held for price risk management. Excluding this item and exploration expense and gain on sale of assets, adjusted net income available to the Company for the six months ended June 30, 2026 was $47.7 million, or $0.16 per diluted share.
Comstock's production cost per Mcfe for the six months ended June 30, 2026 averaged $0.85 per Mcfe, which was comprised of $0.40 for gathering and transportation costs, $0.27 for lease operating costs, $0.09 for production and other taxes and $0.09 for cash general and administrative expenses. Comstock's unhedged operating margin was 75% for the first six months of 2026 and 73% after hedging.
Drilling Results
Comstock drilled 17 (15.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2026, which had an average lateral length of 11,104 feet. Comstock turned 16 (12.7 net) operated wells to sales in the second quarter of 2026.
Since its last operational update in May 2026, Comstock has turned 17 (13.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 31 MMcf per day. The completed lateral length of these wells averaged 11,201 feet. Included in the wells turned to sales were five more successful Western Haynesville wells:
Well
Vertical
Depth
(feet)
Completed
Lateral (feet)
Initial
Production
Rate (MMcf
per day) Ericson KN #1 15,414 7,975 30Jensen WW #1 14,272 9,243 31Glass KG #1 14,972 11,182 35Lotspeich BJ #1 17,903 9,805 34Jones LA #1 16,069 10,191 33 Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on July 30, 2026, to discuss the second quarter 2026 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register-conf.media-server.com/register/BIb1b9c89894d24cf390641104a3f40885.
Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/xprpo4xr.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on July 30, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/xprpo4xr.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Natural gas sales $287,745 $339,225 $706,020 $751,511 Oil sales 476 741 1,234 1,443 Total natural gas and oil sales 288,221 339,966 707,254 752,954 Gas services 63,481 130,296 229,982 230,162 Gain on sale of assets 1,580 — 3,400 — Total revenues and other operating income 353,282 470,262 940,636 983,116 Operating expenses: Production and ad valorem taxes 7,196 10,555 17,621 21,734 Gathering and transportation 43,331 41,759 85,135 84,376 Lease operating 28,150 31,109 56,431 66,109 Exploration 4,427 — 13,770 2,150 Depreciation, depletion and amortization 167,432 158,379 308,964 326,270 Gas services 63,014 126,714 225,870 243,483 General and administrative 17,151 12,300 35,373 23,380 Total operating expenses 330,701 380,816 743,164 767,502 Operating income 22,581 89,446 197,472 215,614 Other income (expenses): Gain (loss) from derivative financial instruments 44,365 235,847 46,761 (94,492)Other income 259 2,100 522 2,439 Interest expense (55,042) (55,178) (108,103) (110,015)Total other income (expenses) (10,418) 182,769 (60,820) (202,068)Income before income taxes 12,163 272,215 136,652 13,546 (Provision for) benefit from income taxes 2,837 (141,487) (9,153) 1,789 Net income 15,000 130,728 127,499 15,335 Net income attributable to noncontrolling interest (6,234) (5,886) (11,283) (11,771)Net income available to the Company $8,766 $124,842 $116,216 $3,564 Net income per share: Basic $0.03 $0.45 $0.40 $0.05 Diluted $0.03 $0.44 $0.40 $0.05 Weighted average shares outstanding: Basic 291,612 290,604 291,465 290,455 Diluted 291,612 294,247 291,465 294,026 COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Natural gas production (MMcf) 113,069 112,164 210,924 227,193 Oil production (Mbbls) 5 13 16 23 Total production (MMcfe) 113,102 112,238 211,021 227,329 Natural gas sales $287,745 $339,225 $706,020 $751,511 Natural gas hedging settlements (1) 43,333 4,286 (37,055) (3,673)Total natural gas including hedging 331,078 343,511 668,965 747,838 Oil sales 476 741 1,234 1,443 Total natural gas and oil sales including hedging $331,554 $344,252 $670,199 $749,281 Average natural gas price (per Mcf) $2.54 $3.02 $3.35 $3.31 Average natural gas price including hedging (per Mcf) $2.93 $3.06 $3.17 $3.29 Average oil price (per barrel) $95.20 $57.00 $77.13 $62.74 Average price (per Mcfe) $2.55 $3.03 $3.35 $3.31 Average price including hedging (per Mcfe) $2.93 $3.07 $3.18 $3.30 Production and ad valorem taxes $7,196 $10,555 $17,621 $21,734 Gathering and transportation 43,331 41,759 85,135 84,376 Lease operating 28,150 31,109 56,431 66,109 Cash general and administrative (2) 8,792 6,771 19,570 13,411 Total production costs $87,469 $90,194 $178,757 $185,630 Production and ad valorem taxes (per Mcfe) $0.06 $0.09 $0.09 $0.10 Gathering and transportation (per Mcfe) 0.38 0.37 0.40 0.37 Lease operating (per Mcfe) 0.25 0.28 0.27 0.29 Cash general and administrative (per Mcfe) 0.08 0.06 0.09 0.06 Total production costs (per Mcfe) $0.77 $0.80 $0.85 $0.82 Unhedged operating margin 70% 73% 75% 75%Hedged operating margin 74% 74% 73% 75% Gas services revenue $63,481 $130,296 $229,982 $230,162 Gas services expenses 63,014 126,714 225,870 243,483 Gas services margin $467 $3,582 $4,112 $(13,321) Natural Gas and Oil Capital Expenditures: Unproved property acquisitions $20,409 $9,932 $39,449 $19,616 Total natural gas and oil properties acquisitions $20,409 $9,932 $39,449 $19,616 Exploration and Development: Development leasehold $4,006 $5,295 $7,374 $8,851 Exploratory drilling and completion 174,359 130,997 349,134 231,104 Development drilling and completion 199,356 123,991 357,915 269,569 Other development costs 12,707 7,919 19,277 8,434 Total exploration and development capital expenditures $390,428 $268,202 $733,700 $517,958 (1) Included in gain (loss) from derivative financial instruments in operating results.
(2) Excludes stock-based compensation.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 ADJUSTED NET INCOME AVAILABLE TO THE COMPANY: Net income available to the Company $8,766 $124,842 $116,216 $3,564 Unrealized (gain) loss from derivative financial instruments (1,032) (231,561) (83,816) 90,819 Exploration expense 4,427 — 13,770 2,150 Gain on sale of assets (1,580) — (3,400) — Adjustment to income taxes (2,330) 140,873 4,919 (14,419)Adjusted net income available to the Company(1) $8,251 $34,154 $47,689 $82,114 Adjusted net income available to the Company per share(2) $0.03 $0.12 $0.16 $0.28 Diluted shares outstanding 291,612 294,247 291,465 294,026 ADJUSTED EBITDAX: Net income $15,000 $130,728 $127,499 $15,335 Interest expense 55,042 55,178 108,103 110,015 Income taxes (2,837) 141,487 9,153 (1,789)Depreciation, depletion, and amortization 167,432 158,379 308,964 326,270 Exploration 4,427 — 13,770 2,150 Unrealized (gain) loss from derivative financial instruments (1,032) (231,561) (83,816) 90,819 Stock-based compensation 8,359 5,529 15,803 9,971 Gain on sale of assets (1,580) — (3,400) — Total Adjusted EBITDAX (3) $244,811 $259,740 $496,076 $552,771 OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL(4): Cash flows from operating activities $170,205 $347,564 $442,170 $522,310 Increase (decrease) in accounts receivable 11,542 (34,978) (61,952) (1,318)Increase (decrease) in other current assets 12,148 (25,322) 2,949 (25,881)Increase in accounts payable and accrued expenses (5,390) (77,628) (2,764) (46,487)Operating cash flow before changes in working capital $188,505 $209,636 $380,403 $448,624 (1) Adjusted net income available to the Company is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.
(2) Adjusted net income available to the Company per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.
(3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.
(4) Operating cash flow before changes in working capital is presented in the earnings release because management believes it to be useful to investors as a measure of operating cash generation of the Company based on the revenues and expenses that were related to the period versus the period when the revenues were received or expenses paid while enhancing comparability across periods. Operating cash flow before changes in working capital is not a measure of Comstock's liquidity or actual cash generation.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30,
2026 December 31,
2025 ASSETS Cash and cash equivalents $45,008 $23,930 Accounts receivable 180,593 242,545 Derivative financial instruments 53,156 19,206 Other current assets 59,804 75,257 Total current assets 338,561 360,938 Property and equipment, net 6,756,314 6,215,494 Goodwill 335,897 335,897 Operating lease right-of-use assets 71,684 94,733 Derivative financial instruments 22,230 — $7,524,686 $7,007,062 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $503,111 $501,695 Accrued costs 171,187 153,248 Operating leases 37,598 46,937 Derivative financial instruments — 27,636 Total current liabilities 711,896 729,516 Long-term debt 3,098,770 2,809,066 Deferred income taxes 495,428 437,098 Long-term operating leases 33,570 47,692 Asset retirement obligation 21,444 20,787 Total liabilities 4,361,108 4,044,159 Stockholders' Equity: Common stock 146,810 146,527 Additional paid-in capital 1,191,881 1,376,053 Accumulated earnings 1,240,446 1,124,230 Total stockholders' equity attributable to Comstock 2,579,137 2,646,810 Noncontrolling interest 584,441 316,093 Total stockholders' equity 3,163,578 2,962,903 $7,524,686 $7,007,062
The market expects Comstock Resources (CRK - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis oil and gas company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -84.6%.
Revenues are expected to be $415.15 million, down 11.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.98% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Comstock?For Comstock, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -11.11%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Comstock will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Comstock would post earnings of $0.23 per share when it actually produced earnings of $0.15, delivering a surprise of -34.78%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Comstock doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Investors in Comstock Resources, Inc. (CRK - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 20, 2026 $5 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Comstock Resources shares, but what is the fundamental picture for the company? Currently, Comstock Resources is a Zacks Rank #4 (Sell) in the Oil and Gas - Exploration and Production - United States industry that ranks in the Bottom 19% of our Zacks Industry Rank. Over the last 30 days, one analyst has increased the earnings estimate for the current quarter, while two analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 4 cents per share to 2 cents in that period.
Given the way analysts feel about Comstock Resources right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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On July 10, 2026, Comstock Resources Inc (CRK) shares fell 5.6% to $12.92. This decline follows a broader trend, with the stock down 44.3% year-to-date and trad
FRISCO, TX, July 01, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release its second quarter 2026 results on July 29, 2026 after the market closes and host its quarterly conference call at 10:00 a.m. CT on July 30, 2026 to discuss the second quarter results.
Parties interested in participating in the conference call telephonically will need to register at https://register-conf.media-server.com/register/BIb1b9c89894d24cf390641104a3f40885. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call.
~~~
The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/xprpo4xr.
~~~
A replay of the second quarter 2026 conference call will be available for twelve months beginning at 1:00 p.m. CT on July 30, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/xprpo4xr
About Comstock Resources:
Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
A slide show presentation on the financial results will be available on Comstock's website at www.comstockresources.com. Click on “Quarterly Results” to view the slide show.
FRISCO, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE: CRK) announced today that it has sold a minority equity interest in Comstock's midstream subsidiary, Pinnacle Gas Services LLC ("Pinnacle"), to certain funds managed by Sixth Street, a leading global investment firm.
Sixth Street invested $600 million in Pinnacle and acquired a 27% non-controlling common equity interest in Pinnacle. Sixth Street's investment values Pinnacle at a $2.2 billion enterprise value. Upon closing the transaction, Comstock retained a 73% controlling common equity interest in Pinnacle, valued today at approximately $1.6 billion, and continues to manage, operate and control the business under a management services agreement with Comstock.
The proceeds from the investment were used to fully extinguish and retire the Pinnacle preferred equity securities for $445 million plus accrued dividends, all outstanding indebtedness at Pinnacle, transaction costs and for working capital.
Key Transaction Benefits to Comstock
Pinnacle and Western Haynesville Value Confirmation – Investment implies a $2.2 billion enterprise value for Pinnacle validating the significant value Comstock has created from its midstream infrastructure and reflecting the expected future production growth resulting from Comstock's development of its 540,000 net acres in the Western Haynesville.Strengthens Balance Sheet and Reduces Fixed Charges – The transaction is deleveraging; with proceeds used to extinguish and retire all preferred equity securities and outstanding indebtedness at Pinnacle. Further, this transaction is expected to materially reduce the fixed charges of Pinnacle by approximately $40 million per year. Increased Comstock's Ownership in Pinnacle's Future Upside – Comstock retains a controlling 73% equity interest in Pinnacle. Upon Sixth Street achieving certain return hurdles, Sixth Street's ownership in Pinnacle will be reduced from 27% to 19.5% and Comstock's ownership of Pinnacle will increase from 73% to 80.5% compared to the 70% it was entitled to prior to the redemption of the preferred units.Maintain Operational Control – Comstock will continue to manage, operate, and control all key strategic and operational decisions at Pinnacle, preserving full alignment between its upstream and midstream operations. M. Jay Allison, Chief Executive Officer of Comstock, commented:
"This transaction is another validation of the future potential of Comstock's Western Haynesville acreage, which is well positioned to service the growing demand for natural gas in our region. The Western Haynesville represents one of the largest undeveloped natural gas resources with access to the growing demand along the Gulf Coast and will also serve the recently announced Texas Power Generation Hub in Anderson County Texas. This transaction with Sixth Street represents an important milestone for Comstock and a strong validation of the value we have created in the Western Haynesville. Importantly, through this investment, we are strengthening our balance sheet by reducing debt and simplifying our capital structure — all while increasing our substantial majority ownership and maintaining full operational control of the Pinnacle system. We are excited to welcome Sixth Street as a long-term partner as we continue to build out one of the premier midstream platforms in the country."
Zack Winegrad, Partner and Co-Head of Energy and Co-Head of Global Infrastructure at Sixth Street, commented:
"Comstock is one of the leading independent natural gas companies in North America today, and we are delighted to partner with them on this important transaction. The transaction highlights Sixth Street's focus on providing large-scale, flexible capital solutions to support the development of critical energy infrastructure needed to meet the rapid growth in energy demand from data centers, hyper scalers, global LNG, and the secular electrification trends underway in the economy more broadly. Pinnacle's midstream infrastructure sits at the heart of one of the most prolific natural gas basins in North America, and we are excited to invest alongside the Comstock team as they execute on a compelling growth plan. This investment reflects our conviction in the critical role natural gas infrastructure will play in meeting long-term U.S. energy demand, and we look forward to being a supportive, long-term partner to Comstock as they continue to scale the Pinnacle platform."
Advisors
Jefferies LLC acted as financial advisor to Comstock, and O'Melveny & Myers served as its legal counsel.
Wells Fargo and RBC Capital Markets acted as financial advisors to Sixth Street and Latham & Watkins served as its legal counsel.
About Comstock Resources
Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
About Pinnacle Gas Services
Pinnacle Gas Services LLC is a Delaware limited liability company and a subsidiary of Comstock. Pinnacle owns and operates the Pinnacle gathering and treating system, which supports Comstock's Western Haynesville natural gas development operations in East Texas.
About Sixth Street
Founded in 2009, Sixth Street is a leading global investment firm with over $130 billion in assets. Sixth Street's flexible, long-term oriented capital base and cross-platform collaboration allows the firm to invest thematically across sectors, geographies, and asset classes. Sixth Street has more than 750 team members, including over 300 investment professionals in offices around the world. For more information, visit https://www.sixthstreet.com.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Ron Mills
Vice President of Finance and Investor Relations
Comstock Resources
972-668-8834 [email protected]
FRISCO, TX, March 23, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that the Western Haynesville will host the recently announced Texas Natural Gas-Fired Power Generation Hub in Anderson County Texas.
The selection was announced on March 20, 2026, by the United States Department of Commerce in connection with Japan's $550 billion investment commitment to the United States as part of the U.S.- Japan trade deal. The selected project is the result of the collaboration of the Company and NextEra Energy, Inc. ("NextEra") (NYSE: NEE) to develop a power generation project near Comstock’s Western Hayneville natural gas operations.
The Texas Power Generation Hub will be owned jointly by Japan and the U.S. under the structure of the joint trade agreement and will be built and operated by NextEra, the largest energy infrastructure builder in the United States. The investment is subject to negotiation and execution of definitive documents by NextEra and various constituents, as well as NextEra's completion of development, construction and commissioning of the selected project.
The Anderson County Texas facility will have up to 5.2 GW of natural gas-fired generation capable of serving up to 5 GW of large-load demand. Comstock will provide natural gas supply for the facility which could reach almost 1 Bcf per day by 2031. The estimated cost of the facility is $16 billion.
Located within the rapidly growing ERCOT market, the project takes advantage of Comstock’s abundant natural gas supply and strong transmission infrastructure at Bethel, Texas to deliver dispatchable power at scale to serve large‑scale users, including data centers and advanced manufacturing.
The projects would be structured so that new electricity demand is met with new generating resources, intended to avoid upward pressure on electricity bills for consumers.
About Comstock Resources
Comstock is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. secures a natural gas supply agreement with NextEra Energy for data center power. Cost reduction efforts in Western Haynesville are ongoing. Low production and transportation costs support CRK's high margins relative to peers.
Key Takeaways Europe's gas storage sits well below normal, forcing early refill demand for LNG imports.Global LNG supply is tightening due to disruptions in Qatar. Australia and key shipping routes.Cheniere Energy and Comstock Resources are positioned to benefit from strong LNG export demand. Europe is entering a crucial phase for natural gas. Winter is over, but storage levels across the region remain much lower than normal. Governments are already urging utilities and energy companies to refill inventories early so they are not caught short before next winter. At the same time, disruptions in Qatar, Australia and the Strait of Hormuz have tightened global LNG supply. That combination is creating a stronger backdrop for U.S. natural gas producers and exporters. Even though Henry Hub prices remain near $3 per MMBtu, the global market is showing signs that demand for U.S. LNG could stay firm through the rest of 2026.
At this stage, investors may want to stay focused on natural gas names with strong exposure to production growth and LNG exports, including EQT Corporation (EQT - Free Report) , Cheniere Energy (LNG - Free Report) and Comstock Resources (CRK - Free Report) .
Europe Needs to Refill QuicklyEurope entered spring with gas storage levels well below normal. EU inventories were only around 28% full near the end of March, while the Netherlands was down to just 6%. Policymakers have already warned that waiting too long to refill storage could lead to a rush for supply later in the year.
That matters because Europe still depends heavily on imported LNG. If storage buying begins early and continues through the summer, it could create steady demand for U.S. cargoes. European gas prices are already far above U.S. levels, with the Dutch benchmark trading close to six times Henry Hub prices. The price gap gives U.S. LNG exporters a strong incentive to keep volumes flowing overseas.
Global Supply Problems Are Not Going AwayThe supply picture has become more difficult after damage to Qatar’s LNG facilities and shipping disruptions in the Strait of Hormuz. Qatar is one of the world’s largest LNG suppliers, and any outage there has an immediate effect on Europe and Asia.
Australian LNG problems are adding to the pressure. Chevron said its Wheatstone LNG plant could take weeks to return to full output, while Woodside’s Karratha facility is still facing cyclone-related disruptions. Analysts have already cut their 2026 LNG supply forecasts, with some expecting up to 35 million tons of supply to disappear from the market.
Why U.S. Natural Gas Stocks Could BenefitU.S. export terminals are already running near full capacity. Strong overseas demand continues to support domestic producers and exporters. Companies with significant LNG export infrastructure and direct exposure to global gas markets stand to benefit the most. Producers may also gain if sustained export demand gradually lifts domestic gas prices. Even if mild U.S. weather caps near-term price upside, tighter global balances could create a more favorable backdrop for natural gas stocks than in recent months.
Europe’s refill season is just getting underway, and several uncertainties remain. Weather patterns, storage levels and geopolitical developments will be key to watch. Still, the overall setup appears more supportive than it did earlier this year.
3 Stocks to MonitorFor natural gas-focused investors, this may be a good time to watch companies that can benefit from stronger LNG exports and firmer gas demand. EQT Corporation, Cheniere Energy and Comstock Resources remain three names worth focusing on as the global gas market continues to tighten.
EQT: It is the premier natural gas producer in the domestic market based on average daily sales volumes. With primary emphasis on the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia, the company’s share of natural gas in its overall production/sales is more than 90%.
EQT beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The natural gas producer, with a Zacks Rank #3 (Hold), has a trailing four-quarter earnings surprise of roughly 13%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cheniere Energy: It is a leading U.S. LNG producer and exporter, operating large-scale facilities along the Gulf Coast. Since starting exports in 2016, it has grown into the largest LNG producer in the United States, supplying customers across more than 40 global markets with reliable and cleaner-burning energy.
Backed by firm gas supply agreements for its Sabine Pass and Corpus Christi facilities, this Zacks Rank #3 company enjoys strong cash flow visibility and solid long-term growth prospects. The Zacks Consensus Estimate for Cheniere Energy’s 2026 earnings per share indicates 26.1% year-over-year growth.
Comstock Resources: It is an independent natural gas producer based in Frisco, TX, with operations concentrated in north Louisiana and East Texas. Comstock Resources — currently a #3 Ranked stock — is fully focused on developing the Haynesville and Bossier shales, two of the largest gas plays in the United States.
CRK holds a large acreage position across Haynesville, giving it direct exposure to Gulf Coast LNG demand growth. Its production is 100% natural gas, making it one of the most gas-levered E&Ps in the sector. The Zacks Consensus Estimate for Comstock Resources’ 2026 earnings per share indicates 35.2% year-over-year surge. The firm has a trailing four-quarter earnings surprise of roughly 56.9%, on average.
Comstock Resources, Inc. (NYSE:CRK – Get Free Report) has been assigned a consensus rating of “Reduce” from the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $20.8750.
A number of research firms recently weighed in on CRK. Bank of America lowered shares of Comstock Resources from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $27.00 to $24.00 in a research report on Friday, January 16th. Morgan Stanley set a $19.00 target price on shares of Comstock Resources in a research note on Friday, February 13th. UBS Group set a $17.00 target price on Comstock Resources in a report on Friday, February 13th. Citigroup upped their price target on Comstock Resources from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, March 31st. Finally, Mizuho lifted their price objective on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th.
Check Out Our Latest Report on Comstock Resources
Comstock Resources Stock Down 0.2% NYSE CRK opened at $19.50 on Friday. The business has a fifty day moving average price of $20.76 and a 200 day moving average price of $21.44. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market cap of $5.73 billion, a P/E ratio of 13.83 and a beta of 0.39. Comstock Resources has a one year low of $14.65 and a one year high of $31.17.
Comstock Resources (NYSE:CRK – Get Free Report) last announced its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. The company had revenue of $787.32 million for the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The firm’s quarterly revenue was up 115.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. Research analysts anticipate that Comstock Resources will post 0.54 EPS for the current fiscal year.
Insider Transactions at Comstock Resources In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president directly owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This trade represents a 20.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently modified their holdings of CRK. CreativeOne Wealth LLC increased its position in Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock worth $276,000 after purchasing an additional 500 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Comstock Resources by 2.0% in the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock valued at $689,000 after purchasing an additional 572 shares during the last quarter. Carrera Capital Advisors boosted its holdings in Comstock Resources by 0.7% in the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock valued at $1,922,000 after purchasing an additional 606 shares during the last quarter. Uhlmann Price Securities LLC boosted its holdings in Comstock Resources by 2.4% in the 3rd quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer’s stock valued at $548,000 after purchasing an additional 650 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Comstock Resources by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer’s stock valued at $146,000 after buying an additional 679 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.
About Comstock Resources (Get Free Report)
Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.
Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.
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JPMorgan Chase & Co. grew its stake in shares of Comstock Resources, Inc. (NYSE:CRK – Free Report) by 31.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 177,326 shares of the oil and gas producer’s stock after acquiring an additional 42,416 shares during the quarter. JPMorgan Chase & Co. owned about 0.06% of Comstock Resources worth $3,516,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Capital Square LLC grew its holdings in Comstock Resources by 34.1% in the third quarter. Capital Square LLC now owns 20,580 shares of the oil and gas producer’s stock valued at $408,000 after purchasing an additional 5,229 shares during the period. CIBC Bancorp USA Inc. purchased a new position in Comstock Resources during the third quarter worth approximately $205,000. Advisory Services Network LLC acquired a new position in shares of Comstock Resources in the 3rd quarter valued at $27,000. Caxton Associates LLP acquired a new position in shares of Comstock Resources in the 3rd quarter valued at $5,051,000. Finally, Woodline Partners LP grew its stake in shares of Comstock Resources by 50.5% during the 3rd quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock valued at $24,429,000 after buying an additional 413,611 shares during the period. 36.13% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth CRK has been the topic of several research reports. UBS Group set a $17.00 target price on Comstock Resources in a research report on Friday, February 13th. Mizuho boosted their price target on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Citigroup upped their price target on Comstock Resources from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 31st. Bank of America lowered Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $20.88.
Check Out Our Latest Research Report on CRK
Comstock Resources Stock Performance NYSE:CRK opened at $19.50 on Friday. The firm’s fifty day simple moving average is $20.76 and its 200 day simple moving average is $21.44. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. Comstock Resources, Inc. has a twelve month low of $14.65 and a twelve month high of $31.17. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 13.83 and a beta of 0.39.
Comstock Resources (NYSE:CRK – Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. The company had revenue of $787.32 million for the quarter, compared to analyst estimates of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm’s revenue was up 115.5% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. As a group, equities research analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.
Insiders Place Their Bets In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently owned by corporate insiders.
Comstock Resources Profile (Free Report)
Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.
Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.
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FRISCO, TX, April 08, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release its first quarter 2026 results on May 5, 2026 after the market closes and host its quarterly conference call at 10:00 a.m. CT on May 6, 2026 to discuss the first quarter results.
Parties interested in participating in the conference call telephonically will need to register at https://register-conf.media-server.com/register/BIfdab657d67b245688283195b41fda6fb. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call.
~~~
The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/p77w7mi4.
~~~
A replay of the first quarter 2026 conference call will be available for twelve months beginning at 1:00 p.m. CT on May 6, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/p77w7mi4.
About Comstock Resources:
Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
A slide show presentation on the financial results will be available on Comstock's website at www.comstockresources.com. Click on “Quarterly Results” to view the slide show.
Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Comstock Resources (CRK - Free Report) , which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry.
This oil and gas company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 85.23%.
For the most recent quarter, Comstock was expected to post earnings of $0.11 per share, but it reported $0.16 per share instead, representing a surprise of 45.45%. For the previous quarter, the consensus estimate was $0.04 per share, while it actually produced $0.09 per share, a surprise of 125.00%.
Price and EPS Surprise
For Comstock, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Comstock has an Earnings ESP of +13.33% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on May 5, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Comstock Resources (NYSE:CRK – Get Free Report) and HKN (OTCMKTS:HKNI – Get Free Report) are both energy companies, but which is the better investment? We will compare the two companies based on the strength of their institutional ownership, valuation, dividends, analyst recommendations, risk, profitability and earnings.
Earnings & Valuation This table compares Comstock Resources and HKN”s gross revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Comstock Resources $2.22 billion 2.24 $395.61 million $1.41 12.02 HKN N/A N/A N/A N/A N/A Comstock Resources has higher revenue and earnings than HKN.
Profitability This table compares Comstock Resources and HKN’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Comstock Resources 17.80% 6.30% 2.39% HKN N/A N/A N/A Insider & Institutional Ownership 36.1% of Comstock Resources shares are held by institutional investors. 2.2% of Comstock Resources shares are held by insiders. Comparatively, 0.1% of HKN shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.
Analyst Recommendations This is a summary of recent ratings and target prices for Comstock Resources and HKN, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Comstock Resources 3 6 1 0 1.80 HKN 0 0 0 0 0.00 Comstock Resources presently has a consensus target price of $20.88, suggesting a potential upside of 23.18%. Given Comstock Resources’ stronger consensus rating and higher probable upside, equities research analysts clearly believe Comstock Resources is more favorable than HKN.
Summary Comstock Resources beats HKN on 9 of the 9 factors compared between the two stocks.
About Comstock Resources (Get Free Report)
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 are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas. Comstock Resources, Inc. is a subsidiary of Arkoma Drilling, L.P.
About HKN (Get Free Report)
HKN, Inc. operates as an independent energy company. The company owns an oilfield emulsion breaking technology that purifies oilfield emulsions by breaking and separating the emulsions into oil, water, and solids. It also holds non-operated oil and gas leases and mineral interests in properties located in the Bakken and Niobrara shale oil plays; and rights to acreage in the Permian Basin of Texas. The company was founded in 1973 and is based in Southlake, Texas.
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Comstock Resources (CRK - Free Report) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.11 per share when it actually produced earnings of $0.16, delivering a surprise of +45.45%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Comstock, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $587.35 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 16.26%. This compares to year-ago revenues of $512.85 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Comstock shares have lost about 23.3% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Comstock?While Comstock has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Comstock was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.07 on $433.34 million in revenues for the coming quarter and $0.67 on $2.04 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the top 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
W&T Offshore (WTI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This independent oil and gas company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +84.6%. The consensus EPS estimate for the quarter has been revised 41% higher over the last 30 days to the current level.
W&T Offshore's revenues are expected to be $136.98 million, up 5.5% from the year-ago quarter.
It has been about a month since the last earnings report for Comstock Resources (CRK - Free Report) . Shares have lost about 11.7% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Comstock due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Comstock Resources, Inc. before we dive into how investors and analysts have reacted as of late.
Comstock Q1 Earnings Miss Estimates on Lower ProductionComstock Resources reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 23 cents by 34.8%. The bottom line declined from the year-ago level of 18 cents.
Total quarterly revenues of $587.3 million topped the Zacks Consensus Estimate of $505.2 million by 16.3%. The top line increased 14.5% from the prior-year figure of $512.8 million.
The weak quarterly earnings can be attributed to lower production volume due to severe weather conditions. Higher average natural gas price realizations and improved gas services revenues partially offset the negatives.
CRK’s Production Fell, but New Wells Supported a ReboundTotal production averaged 97,919 million cubic feet equivalent (MMcfe), lower than the year-ago quarter’s level of 115,091 MMcfe. This represented a drop of roughly 14.9%, aligning with management’s statement that weather dampened volumes in the quarter. Natural gas production declined to 97,855 million cubic feet (MMcf) from 115,029 MMcf a year ago.
The company’s operational execution remained active. During the quarter, 17 operated Haynesville/Bossier wells were drilled and 13 brought into sales, setting up volume recovery for the remainder of 2026.
CRK’s Price Realization IncreasedAverage natural gas price realization (before hedging) came in at $4.27 per thousand cubic feet (Mcf), up from $3.58 per Mcf in the prior-year quarter. Total price realization (before hedging) averaged $4.28 per thousand cubic feet equivalent (Mcfe) compared with $3.59 per Mcfe in the first quarter of 2025.
Comstock’s Revenue Mix Benefits From Gas ServicesWhile earnings missed estimates, revenue strength was broad-based. Natural gas sales were $418.3 million, modestly ahead of the prior year’s figure of $412.3 million, reflecting better pricing despite lower volumes. Oil sales were $0.8 million, slightly higher than $0.7 million recorded in the year-ago quarter.
Gas services revenues were standout contributors, having increased to $166.5 million from $99.9 million in the year-ago quarter. Management attributed the increase primarily to higher natural gas prices tied to sales of gas purchased to utilize excess transport capacity. The gas services segment generated a positive margin of $3.6 million against a loss of $16.9 million a year earlier.
CRK’s Unit Costs Rose as Expenses ShiftedCRK’s production cost averaged 93 cents per Mcfe, up from 83 cents per Mcfe a year ago. The cost structure per Mcfe for the first quarter of 2026 included 43 cents for gathering and transportation costs, 29 cents for lease operating expenses, 10 cents for production and ad valorem taxes, and 11 cents for cash general and administrative expenses compared with 37 cents, 30 cents, 10 cents and 6 cents, respectively, in the year-ago quarter.
Margins remained healthy but reflected the impact of hedging and cost mix. The company reported an unhedged operating margin of 78% in the quarter and a hedged operating margin of 73% compared with 77% and 76%, respectively, in the previous year. On the expense lines, general and administrative costs increased year over year due to higher employee compensation and stock-based compensation, while depreciation, depletion and amortization declined in line with the lower production base.
Total operating expenses in the quarter came in at $412.5 million, higher than the $386.7 million reported a year ago. Gas services expenses rose to $162.9 million from $116.8 million in the fourth quarter of 2025.
Comstock’s Hedging Results Drive a Wide Profit BridgeHedging was a major swing factor in reported profitability. Comstock recorded realized hedging losses of $80.4 million in the quarter, while recognizing a pre-tax unrealized gain of $82.8 million tied to changes in future natural gas prices since the fourth quarter of 2025.
GAAP net income was $112.5 million, or 38 cents per diluted share, even though the company’s adjusted performance was more subdued. A year ago, the same was at a loss of $115 4 million, or 40 cents loss per share. Adjusted net income declined to $44.5 million from the year-ago figure of $53.8 million, while adjusted EBITDAX totaled $251.3 million compared with $293 million in the prior-year quarter.
CRK’s Cash Generation Stays Solid Despite Heavy SpendOperating cash flow (excluding working capital changes) was $191.9 million, or 66 cents per share, highlighting the earnings power of the Haynesville position even in a weather-impacted quarter.
CRK exited the quarter with $14.8 million of cash and cash equivalents, and reported total debt of $3 billion. Liquidity was $1.3 billion, reflecting borrowing capacity under its revolving credit facilities and cash on hand. Capital spending remained elevated, with total capital expenditures of $417.1 million in the quarter, including $343.3 million of exploration and development capital expenditures.
Comstock’s Strategic Power Hub Adds a Longer-Term AngleBeyond the quarter’s financials, Comstock highlighted a power generation opportunity tied to its Western Haynesville footprint. The company noted that the region was selected to host a natural gas-fired power generation hub in Anderson County, TX. The facility is aimed at delivering dispatchable power at scale, and having up to 5.2 GW of gas-fired generation.
The $16-billion project will be constructed and operated by NextEra, the country’s biggest builder of energy infrastructure. It will be jointly owned by the United States and Japan, per the agreement. Comstock expects to supply natural gas to the facility, with potential demand nearing 1 Bcf per day by 2031, offering a tangible pathway to support future regional gas demand alongside its drilling-driven production recovery narrative.
How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.
The consensus estimate has shifted -17.86% due to these changes.
VGM ScoresAt this time, Comstock has a average Growth Score of C, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Comstock has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
On June 10, 2026, Comstock Resources Inc CRK shares rose 5.5% today, closing at $13.37. The stock has seen significant fluctuations over the past year, trading in a 52-week range of $12.44 to $31.17.
GF Value™ verdict: Current price of $13.37 is 21.9% below GF Value™ of $17.11, indicating the stock is undervalued.GF Score™: 65/100, suggesting the stock is rated above average in terms of overall quality.Most notable signal: No insider transactions have occurred in the last 3 months. Is CRK Overvalued or Undervalued? The current price of Comstock Resources Inc CRK at $13.37 is significantly below the GF Value™ estimate of $17.11, indicating a 21.9% margin of safety for potential investors. This undervaluation suggests an opportunity, though it is crucial to consider the overall market conditions and the company's financial health. The GF Valuation label categorizes CRK as modestly undervalued, which implies that while there is potential for appreciation, investors should remain cautious due to the inherent risks associated with the oil and gas industry.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The presence of a modest undervaluation could attract interest, but investors should also be aware of the company’s volatility and external market factors that could influence future performance.
How Does CRK's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)6.2x6.7x Forward P/E20.7xN/A The current P/E (TTM) of 6.2x is 8% below its 5-year median P/E of 6.7x. This indicates that CRK is trading below its historical valuation, which aligns with the GF Value™ verdict of being undervalued. The forward P/E of 20.7x suggests that there may be expectations for increased earnings; however, this figure must be interpreted cautiously given the current market conditions and the company's recent performance.
What Does CRK's GF Score™ Tell Us? MetricRating GF Score™65 Financial Strength4/10 Profitability6/10 Growth6/10 Valuation8/10 Momentum1/10 The GF Score™ of 65/100 indicates that Comstock Resources Inc is positioned above average when compared to its peers. The strongest aspect of CRK's score is its valuation rank of 8/10, reflecting its current status as modestly undervalued. However, it faces challenges in financial strength with a low rating of 4/10, and a concerning momentum rank of 1/10 suggests that the stock may be experiencing weak performance trends. This combination of scores highlights the need for cautious analysis regarding CRK's potential for recovery and growth.
What Are Insiders Doing with CRK Stock? In the last 3 months, there have been no reported insider transactions involving Comstock Resources Inc CRK . The lack of insider activity can suggest that management is either confident in the company's prospects or may be waiting for more favorable conditions before making any moves. For potential investors, this could indicate a degree of caution from insiders regarding the current market environment.
What This Means for Investors Based on the GF Value™ assessment, Comstock Resources Inc CRK is currently undervalued. While the stock presents a potential investment opportunity, it is essential to consider the broader market conditions and the company's financial metrics before making any decisions.
For the complete analysis, visit the Comstock Resources Inc CRK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CRK's GF Score™?
The GF Score™ for Comstock Resources Inc is 65/100, indicating that it ranks above average in terms of overall quality compared to its peers.
Is CRK overvalued or undervalued?
CRK is currently undervalued, with a GF Value™ of $17.11 compared to its price of $13.37, presenting a 21.9% margin of safety.
What is CRK's P/E ratio?
CRK's P/E ratio (TTM) is 6.2x, which is 8% below its 5-year median P/E of 6.7x, indicating that the stock is trading below its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
