Comet Ridge Ltd (AU:COI)
ASX:COI
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Comet Ridge Ltd
(Sydney:COI)
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Rating:42Neutral
Price Target:
AU$0.10
▼(-36.00% Downside)
Action:Reiterated
Date:06/25/26
The score is primarily held down by weak financial performance, driven by persistent net losses and significant negative free cash flow despite improved revenue and reduced losses. Technicals also remain unfavorable with the price below major moving averages and negative MACD. Valuation is constrained by negative earnings and no dividend yield data, limiting support from traditional valuation signals.
Positive Factors
Low leverage / balance sheet strength
A markedly lower debt-to-equity (~0.09) and improved equity base provide financing flexibility and lower refinancing risk. Over the next 2–6 months this durable balance sheet gives the company runway to fund appraisal and development work or negotiate JV/farm‑out terms without urgent debt pressure.
Negative Factors
Deep negative free cash flow
Severely negative free cash flow (A$-20.43M) is a structural weakness that depletes reserves and forces dependence on external capital or asset disposals. Over months this increases dilution and execution risk, constraining the company’s ability to self‑fund development and respond to delays or cost overruns.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet strength
A markedly lower debt-to-equity (~0.09) and improved equity base provide financing flexibility and lower refinancing risk. Over the next 2–6 months this durable balance sheet gives the company runway to fund appraisal and development work or negotiate JV/farm‑out terms without urgent debt pressure.
Read all positive factors
Comet Ridge Ltd (COI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$119.64M
Dividend YieldN/A
Average Volume (3M)337.20K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue GrowthN/A
EPS Growth-16.67%
CountryAU
Employees1,123
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,196,438,700
10 Day Avg. Volume505,534
30 Day Avg. Volume337,198
Financial Highlights & Ratios
PEG Ratio0.82
Price to Book (P/B)1.40
Price to Sales (P/S)40.29
P/FCF Ratio-5.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.18Price Target Upside22.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.01
Revenue Forecast (FY)N/A
Comet Ridge Ltd Business Overview & Revenue Model
Company Description
Comet Ridge Limited engages in the oil and gas exploration, appraisal, and development activities in Australia. The company’s flagship property is the Mahalo Gas Hub which consists of 2 reserves and 2 contingent resources of 676 petajoules located...
How the Company Makes Money
Comet Ridge Ltd’s specific, company-disclosed revenue model and current material revenue streams are not available in the information provided, so a detailed breakdown of how it makes money (e.g., whether through gas sales, farm-outs, asset sales,...
Comet Ridge Ltd Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 2.79M | 0.00 | 0.00 | 0.00 | 20.00K |
| Gross Profit | -281.00K | 2.79M | -198.00K | -124.00K | -71.00K | -79.98K |
| EBITDA | -2.41M | -17.00K | -4.92M | -3.52M | -7.45M | -6.88M |
| Net Income | -3.38M | -2.47M | -7.17M | -6.57M | -8.63M | -6.96M |
Balance Sheet | ||||||
| Total Assets | 125.28M | 125.00M | 120.30M | 111.36M | 109.36M | 76.23M |
| Cash, Cash Equivalents and Short-Term Investments | 7.05M | 13.30M | 16.78M | 11.65M | 8.00M | 3.97M |
| Total Debt | 7.34M | 6.95M | 7.44M | 7.21M | 19.44M | 0.00 |
| Total Liabilities | 47.06M | 44.68M | 47.80M | 47.05M | 61.81M | 25.82M |
| Stockholders Equity | 78.22M | 80.32M | 72.51M | 64.31M | 47.55M | 50.41M |
Cash Flow | ||||||
| Free Cash Flow | -5.94M | -20.43M | -8.94M | -9.20M | -11.69M | -4.36M |
| Operating Cash Flow | -5.92M | -4.12M | -4.22M | -3.80M | -3.36M | -1.98M |
| Investing Cash Flow | -14.83M | -10.61M | -4.63M | -6.54M | -20.33M | 891.00K |
| Financing Cash Flow | 11.18M | 11.25M | 13.97M | 14.62M | 27.72M | -2.00K |
Comet Ridge Ltd Technical Analysis
Negative
0.15
Price Trends
0.14
Negative
0.14
Negative
0.13
Negative
Market Momentum
>-0.01
Positive
25.88
Positive
12.50
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:COI, the sentiment is Negative. The current price of 0.15 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.14, and above the 200-day MA of 0.13, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 25.88 is Positive, neither overbought nor oversold. The STOCH value of 12.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:COI.
Comet Ridge Ltd Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$77.31M | 10.89 | 12.05% | 13.04% | 12.55% | -25.19% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | AU$45.17M | 10.34 | 11.28% | ― | 29.92% | 6000.00% | |
49 Neutral | AU$369.14M | -12.01 | -14.19% | ― | ― | 25.55% | |
47 Neutral | AU$1.62B | -8.56 | -18.28% | ― | ― | ― | |
43 Neutral | AU$14.93M | -1.64 | -35.17% | ― | ― | 64.71% | |
42 Neutral | AU$119.64M | -34.48 | -4.27% | ― | ― | -16.67% |
* Energy Sector Average
AU:COI
Comet Ridge Ltd
0.10
-0.04
-28.57%
AU:BRU
Buru Energy
0.01
-0.01
-52.17%
AU:CUE
Cue Energy Resources Limited
0.11
<0.01
1.85%
AU:BTL
Empire Energy Group Limited
0.25
0.04
16.67%
AU:CTP
Central Petroleum Limited
0.06
<0.01
9.09%
AU:TBN
Tamboran Resources Limited
0.22
0.05
32.53%
Comet Ridge Ltd Corporate Events
Comet Ridge Secures Key Pipeline Licence for Mahalo Gas Hub
Jun 24, 2026
Comet Ridge has announced that the Queensland Government has granted Jemena a Point-to-Point Petroleum Pipeline Licence for a new high-pressure gas pipeline linking the Mahalo Gas Hub in Central Queensland to two major transmission networks. The 8...
Comet Ridge outlines investment risks and positioning as east coast gas play
Jun 24, 2026
Comet Ridge has released a presentation outlining its position as a compelling east coast gas play and providing high-level information for shareholders and investors. The document emphasises that the material is general in nature, not a prospectu...
Comet Ridge launches securities purchase plan to raise new capital
Jun 24, 2026
Comet Ridge Ltd has announced a securities purchase plan, offering new fully paid ordinary shares and unlisted options to eligible shareholders. The offer includes up to 48,780,487 new shares and 24,390,243 unlisted options, each option exercisabl...
Comet Ridge plans major share and option issue to bolster funding
Jun 24, 2026
Comet Ridge Ltd has outlined plans for a significant capital raising through a placement involving up to 390,243,902 new ordinary fully paid shares and 195,121,951 unlisted options, each with an exercise price of A$0.15 and expiring on 30 June 202...
Comet Ridge raises up to $45m to secure full control of Mahalo Gas Hub
Jun 24, 2026
Comet Ridge has secured firm commitments for a $40 million two‑tranche placement to institutional and sophisticated investors at $0.1025 per share, and plans a further $5 million share purchase plan for existing shareholders on the same term...
Comet Ridge Shares Halted Ahead of Material Capital Raising Announcement
Jun 21, 2026
Comet Ridge Ltd has requested and been granted a trading halt in its securities on the ASX, effective from the start of trading on 22 June 2026. The halt will remain in place until either normal trading resumes on 24 June 2026 or the company relea...
Comet Ridge Director Shaun Scott Retires Amid Ongoing Gas Project Push
Jun 3, 2026
Comet Ridge Limited has announced the retirement of Non-Executive Director Shaun Scott, effective immediately, citing increased personal and business commitments that prevent him from devoting sufficient time to the role. Scott joined the board in...
Comet Ridge Trading Resumes as Mahalo Gas Stake Deal Advances
May 21, 2026
Trading in Comet Ridge shares is set to resume on the ASX after the exchange confirmed it would lift the suspension in the company’s securities. The move follows Comet Ridge’s release of an update on its acquisition of Santos’ 42...
Comet Ridge Reshapes Mahalo Gas Deal With Santos Amid Policy Uncertainty
May 21, 2026
Comet Ridge has renegotiated its agreement to acquire Santos QNT’s 42.86% stake in the Mahalo Gas Project, significantly cutting the upfront cash payment and extending key funding and completion deadlines by three months. Under the revised t...
Comet Ridge Eyes LNG Upside as Canberra Unveils Domestic Gas Reservation
May 12, 2026
Comet Ridge has outlined the implications of the Federal Government’s new domestic gas reservation policy, which will require LNG exporters to supply a portion of their production to the Australian market from July 2027. While the scheme doe...
Comet Ridge Advances Mahalo Gas Hub as Santos Buyout Nears
Apr 30, 2026
Comet Ridge reported progress on front-end engineering design at its Mahalo Gas Project, with Santos advancing upstream FEED for field, gathering, compression and water facilities ahead of a planned handover if Comet Ridge completes the acquisitio...
Comet Ridge Warrants Lapse, Simplifying Capital Structure
Apr 1, 2026
Comet Ridge Limited has notified the market of the cessation of 22,727,273 COIAQ warrants, which expired on 30 March 2026 without being exercised or converted. The expiry of these options slightly simplifies the company’s capital structure a...
Comet Ridge Extends Key Conditions on CleanCo Gas Sales Agreement
Mar 31, 2026
Comet Ridge has secured a mutual extension with CleanCo Queensland for the remaining conditions under their Gas Sales Agreement, moving the deadline to 31 May 2026 for Comet Ridge to obtain project finance and gas transportation and processing arr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.