tiprankstipranks
Trending News
More News >
Comet Ridge Ltd (AU:COI)
:COI
Australian Market

Comet Ridge Ltd (COI) AI Stock Analysis

Compare
3 Followers

Top Page

AU

Comet Ridge Ltd

(Sydney:COI)

Rating:47Neutral
Price Target:
The overall score of 47 reflects significant financial challenges faced by Comet Ridge Ltd, primarily due to its lack of revenue and profitability. The technical analysis indicates a neutral to slightly positive market sentiment, but the valuation remains unattractive due to negative earnings and the absence of dividends. The stock's financial performance is the most critical factor, weighing heavily on the overall score.

Comet Ridge Ltd (COI) vs. iShares MSCI Australia ETF (EWA)

Comet Ridge Ltd Business Overview & Revenue Model

Company DescriptionComet Ridge Limited, together with its subsidiaries, engages in the oil and gas exploration activities in Australia. The company's flagship asset includes Mahalo gas project covering an area of 989 square kilometers located in the Bowen Basin, Queensland. It holds 100% interests in the ATP 743, ATP 744, and ATP 1015 projects located in the Galilee Basin, Queensland; and Mahalo North, Mahalo East, and Mahalo Far East projects located in the Southern Bowen Basin, Queensland. The company also holds 29.6% interest in the PEL 6 and 59.09% interest in PEL 427 projects covering an area of 900 square kilometers located in the Gunnedah Basin, New South Wales. Comet Ridge Limited was incorporated in 2003 and is based in Brisbane, Australia.
How the Company Makes MoneyComet Ridge Ltd generates revenue primarily through the exploration and development of coal seam gas projects. The company earns money by identifying and developing gas resources, which are then either sold directly to energy utilities and industrial users or through joint ventures and partnerships with other energy companies. Revenue streams are also generated from selling interests in its exploration projects or through production sharing agreements. Significant partnerships with other energy sector players can enhance project development and provide additional revenue opportunities through shared investment and technology transfer.

Comet Ridge Ltd Financial Statement Overview

Summary
Comet Ridge Ltd faces significant financial challenges, primarily due to its inability to generate revenue and achieve profitability. While the balance sheet structure is relatively sound with low debt levels, the persistent negative income and cash flow figures are concerning. The company must focus on improving its revenue generation and operational efficiency to enhance its financial health.
Income Statement
20
Very Negative
Comet Ridge Ltd has consistently reported zero revenue over the past several years, indicating a lack of operational income generation. The gross profit has been negative, reflecting costs exceeding any revenue achieved. The net profit margin remains negative due to persistent net losses, which is a significant concern for profitability. EBIT and EBITDA margins are also negative, highlighting operational inefficiencies.
Balance Sheet
60
Neutral
The company holds a relatively low level of debt compared to equity, with a debt-to-equity ratio that suggests moderate leverage. However, the equity ratio indicates a stable financial structure with a significant portion of assets funded by shareholder equity. The return on equity remains negative, reflecting ongoing losses and raising concerns about shareholder value.
Cash Flow
30
Negative
Operating cash flow has been negative, indicating challenges in generating cash from core operations. There is a negative free cash flow, signaling that capital expenditures exceed cash generated, which could be a concern for future liquidity. The free cash flow to net income ratio is unfavorable, reflecting a lack of profitability.
Breakdown
TTMJun 2024Jun 2023Jun 2022Jun 2021Jun 2020
Income StatementTotal Revenue
0.000.000.000.0020.000.00
Gross Profit
-242.00K-198.00K-124.00K-71.00K-79.98K-90.00K
EBIT
-1.83M-3.38M-3.37M-3.50M-2.76M-2.84M
EBITDA
351.00K-4.92M-3.52M-7.45M-6.88M-10.30M
Net Income Common Stockholders
-1.19M-7.17K-6.57M-8.63M-6.96M-10.39M
Balance SheetCash, Cash Equivalents and Short-Term Investments
19.26M16.78M12.20M8.00M3.97M5.09M
Total Assets
129.08M120.30M111.36M109.36M76.23M79.61M
Total Debt
8.51M7.44M7.21M19.44M0.000.00
Net Debt
-10.74M-9.33M-5.00M11.44M-3.97M-5.09M
Total Liabilities
46.27M47.80M47.05M61.81M25.82M22.85M
Stockholders Equity
82.81M72.51M64.31M47.55M50.41M56.76M
Cash FlowFree Cash Flow
-6.29K-8.94M-9.20M-11.69M-4.36M-19.44M
Operating Cash Flow
-4.73K-4.22M-3.80M-3.36M-1.98M-2.31M
Investing Cash Flow
-9.18K-4.63M-6.54M-20.33M891.00K-17.13M
Financing Cash Flow
14.05M13.97M14.62M27.72M-2.0011.09K

Comet Ridge Ltd Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.14
Price Trends
50DMA
0.13
Positive
100DMA
0.13
Positive
200DMA
0.14
Negative
Market Momentum
MACD
<0.01
Positive
RSI
61.81
Neutral
STOCH
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:COI, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.13, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 61.81 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:COI.

Comet Ridge Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
64
Neutral
$8.52B10.274.69%4.38%4.14%-13.04%
AUCOI
47
Neutral
AU$161.52M-3.68%72.09%
$121.99M20.793.89%
$135.32M-16.84%
$184.71M14.9417.20%15.22%
AUSTX
45
Neutral
AU$487.37M57.35-4.01%801.92%-985.71%
AUTBN
35
Underperform
AU$379.85M-10.88%56.73%
* Utilities Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:COI
Comet Ridge Ltd
0.14
-0.06
-30.00%
CVONF
Carnarvon Energy Limited
0.08
-0.05
-38.46%
EEGUF
Empire Energy Group Limited
0.14
0.03
27.27%
HZNFF
Horizon Oil Limited
0.13
0.03
30.00%
AU:STX
Strike Energy Limited
0.17
-0.05
-22.73%
AU:TBN
Tamboran Resources Limited
0.16
-0.02
-11.11%

Comet Ridge Ltd Corporate Events

Comet Ridge Advances Mahalo Gas Project with Strategic Developments
Apr 30, 2025

Comet Ridge Ltd has made significant progress in its Mahalo Joint Venture Gas Project, with Santos advancing the Front End Engineering Design (FEED) for key facilities and Jemena working on pipeline connections to domestic and LNG markets. The company is also seeing strong performance in its Mahalo East pilot test, with increasing gas flows and a comprehensive data package being prepared for independent auditing. These developments, along with ongoing engagement with third parties for potential transactions, position Comet Ridge strategically within the gas market, enhancing its operational capabilities and market presence.

Comet Ridge Ltd Highlights Strategic Gas Exploration Focus at Queensland Energy Conference
Apr 3, 2025

Comet Ridge Ltd’s recent presentation at the Queensland Energy Conference 2025 highlights its strategic focus on gas exploration and production on Australia’s east coast. The company emphasizes its potential to meet domestic energy demands, though it acknowledges the risks and uncertainties inherent in the industry, including market fluctuations and regulatory developments.

Comet Ridge Advances Mahalo Gas Hub Pipeline with Jemena Partnership
Mar 25, 2025

Comet Ridge Limited has announced that the Mahalo Joint Venture, in which it holds a 57.14% stake, has appointed Jemena to undertake Front End Engineering Design (FEED) for the Mahalo Gas Hub Pipeline (MGHP). This pipeline will connect the Mahalo JV Project to key gas market hubs in Queensland, aiming to address the looming gas supply gap in Australia’s east coast energy market. Jemena, a well-established energy asset operator, will fund the FEED cost and may proceed with constructing the pipeline on a build, own, and operate basis, pending a final investment decision. This development marks a significant milestone for Comet Ridge, enhancing its strategic position in the regional gas market.

Comet Ridge Ltd Releases Half-Year Financial Statements
Mar 12, 2025

Comet Ridge Ltd has released its consolidated financial statements for the half-year ending December 31, 2024. This financial disclosure provides insights into the company’s financial health, showcasing its profit and loss, financial position, and cash flow. The release is significant for stakeholders as it highlights the company’s operational performance and financial stability, which are critical for strategic decision-making and assessing future growth potential.

Comet Ridge’s Mahalo East Pilot Exceeds Gas Production Expectations
Mar 12, 2025

Comet Ridge Limited announced that the Mahalo East Pilot Production Scheme has exceeded expectations by producing natural gas continuously for over two weeks, with initial gas flow occurring sooner than anticipated. The success of this pilot, supported by the Queensland Government’s Frontier Gas Exploration Grants Program, indicates potential for expanding development within the Mahalo Gas Hub, enhancing the company’s resource base and positioning in the energy market.

Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.