Comstock Resources (CRK)
NYSE:CRK
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Comstock Resources
(NYSE:CRK)
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Rating:57Neutral
Price Target:
$14.50
▼(-14.00% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak technicals (price below key moving averages, negative MACD) and constrained financial flexibility from persistently negative free cash flow despite a strong earnings rebound. Valuation is reasonable (P/E ~11.25), and the latest earnings call was supportive on production rebound and liquidity, but near-term outspend and price/cost headwinds keep the overall profile only moderately attractive.
Positive Factors
Large Western Haynesville Inventory
Scale of acreage and a multi-thousand‑location inventory provide a durable development runway. Large, contiguous inventory supports multi-year drilling, reduces finding-and-development risk, and enables operational learning effects that can lower per-location costs and improve reserve visibility.
Negative Factors
Negative free cash flow
Persistent negative free cash flow means the business relies on external financing or liquidity to fund development. Over medium term this limits capacity for returns or debt paydown, raises refinancing risk in a commodity downturn, and constrains strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Large Western Haynesville Inventory
Scale of acreage and a multi-thousand‑location inventory provide a durable development runway. Large, contiguous inventory supports multi-year drilling, reduces finding-and-development risk, and enables operational learning effects that can lower per-location costs and improve reserve visibility.
Read all positive factors
Comstock Resources Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Data provided by:
The Fly
The FlyComstock Resources (CRK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.09B
Dividend YieldN/A
Average Volume (3M)2.70M
Price to Earnings (P/E)11.2
Beta (1Y)0.73
Revenue Growth44.84%
EPS GrowthN/A
CountryUS
Employees256
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.16
Shares Outstanding293,695,830
10 Day Avg. Volume3,132,409
30 Day Avg. Volume2,696,526
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)2.55
Price to Sales (P/S)3.53
P/FCF Ratio-14.99
Enterprise Value/Market Cap1.74
Enterprise Value/Revenue3.55
Enterprise Value/Gross Profit7.04
Enterprise Value/Ebitda4.12
Forecast
1Y Price Target
$16.67Price Target Upside-1.15% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering9
EPS Forecast (FY)0.62
Revenue Forecast (FY)$2.16B
Comstock Resources Business Overview & Revenue Model
Company Description
Comstock Resources, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the compa...
How the Company Makes Money
Comstock Resources makes money primarily by producing and selling natural gas, crude oil, and natural gas liquids (NGLs) from its operated and non-operated wells. Revenue is recognized from hydrocarbon sales volumes multiplied by realized prices, ...
Comstock Resources Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive strategic and operational outlook supported by robust liquidity, strong drilling results (multi-well high IPs), a large Western Haynesville inventory, meaningful cost-saving initiatives (horseshoe wells, longer laterals, equipment upgrades) and a major commercial development (5.2 GW NextEra power hub) that could drive long-term demand. Near-term challenges included weather-driven production declines, basis/hedge-related realized price pressure, some underperforming wells (water during flowback), and higher per-unit costs in the quarter. Management framed these issues as temporary and actionable (bigger fracs, conservative drawdown, technology adoption, additional frac fleet), emphasized balance-sheet protection and a deliberate pace of development to preserve value.Positive Updates
Top-Line and Cash Generation
Natural gas and oil sales of $339 million in Q1; operating cash flow of $192 million ($0.66 per share); adjusted EBITDAX of $251 million; adjusted net income of $44 million ($0.15 per share). Reported net income was $107 million ($0.38 per share) including a pretax $83 million unrealized hedge gain.
Negative Updates
Lower Production and Weather-Related Impacts
Q1 production averaged 1.1 Bcfe/day, below prior-year levels and management expectations due in part to significant winter weather shut-ins; lower production negatively impacted financial results and per-unit metrics for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line and Cash Generation
Natural gas and oil sales of $339 million in Q1; operating cash flow of $192 million ($0.66 per share); adjusted EBITDAX of $251 million; adjusted net income of $44 million ($0.15 per share). Reported net income was $107 million ($0.38 per share) including a pretax $83 million unrealized hedge gain.
Read all positive updates
Company Guidance
Management guided that production, which averaged 1.1 Bcfe/d in Q1, should rebound for the remainder of 2026 with Q2 volumes expected to rise roughly 13–15% as late‑quarter wells ramp; operationally they plan to run four frac fleets through year (fourth fleet added this month), operate nine rigs total (five on legacy, four on Western), drill 16 horseshoe wells in 2026, and continue a multi‑hundred‑million dollar development program (Q1 D&C spend $343M; management has said it may outspend roughly $400–450M depending on gas prices) while protecting the balance sheet (end‑Q1 upstream borrowings $350M on a $2.0B borrowing base with $1.5B elected commitment, a $150M Pinnacle midstream facility with $47M outstanding, LTM leverage 2.9x and ~ $1.3B liquidity); technical guidance emphasizes bigger fracs and more conservative drawdown to boost EURs and predictability (legacy benchmark drilling ~$700/ft and completions ~$652/ft vs Western drilling ~$1,534/ft and completions ~$1,537/ft), and management highlighted long‑term demand potential from the planned 5.2 GW Anderson County power hub that could require nearly 1 Bcf/d by 2031.Comstock Resources Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.01B | 1.91B | 1.25B | 1.57B | 3.63B | 1.85B |
| Gross Profit | 1.01B | 411.54M | -130.06M | 266.24M | 2.33B | 1.10B |
| EBITDA | 1.73B | 1.37B | 638.19M | 1.02B | 2.06B | 457.55M |
| Net Income | 653.37M | 395.61M | -218.75M | 211.89M | 1.14B | -241.72M |
Balance Sheet | ||||||
| Total Assets | 7.24B | 7.01B | 6.38B | 6.25B | 5.69B | 4.67B |
| Cash, Cash Equivalents and Short-Term Investments | 14.79M | 23.93M | 6.80M | 16.67M | 54.65M | 30.66M |
| Total Debt | 3.03B | 2.95B | 3.03B | 2.71B | 2.25B | 2.62B |
| Total Liabilities | 4.17B | 4.04B | 4.05B | 3.87B | 3.42B | 3.48B |
| Stockholders Equity | 2.76B | 2.65B | 2.24B | 2.36B | 2.28B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | -470.00M | -449.67M | -477.14M | -408.24M | 630.59M | 169.79M |
| Operating Cash Flow | 996.83M | 899.61M | 620.34M | 1.02B | 1.70B | 859.00M |
| Investing Cash Flow | -897.28M | -915.41M | -1.08B | -1.42B | -1.10B | -550.82M |
| Financing Cash Flow | -117.64M | 32.93M | 454.07M | 362.97M | -576.72M | -307.80M |
Comstock Resources Technical Analysis
Negative
16.86
Price Trends
17.67
Negative
19.46
Negative
19.73
Negative
Market Momentum
-1.05
Positive
28.92
Positive
8.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRK, the sentiment is Negative. The current price of 16.86 is above the 20-day moving average (MA) of 15.40, below the 50-day MA of 17.67, and below the 200-day MA of 19.73, indicating a bearish trend. The MACD of -1.05 indicates Positive momentum. The RSI at 28.92 is Positive, neither overbought nor oversold. The STOCH value of 8.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CRK.
Comstock Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $9.67B | 7.77 | 20.93% | 1.00% | 23.03% | 239.04% | |
71 Outperform | $13.71B | 8.42 | 25.11% | 3.80% | -17.38% | 54.99% | |
69 Neutral | $8.11B | 18.56 | -0.83% | 5.73% | -0.99% | -107.05% | |
67 Neutral | $5.00B | 3.75 | 27.46% | ― | 38.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $7.03B | -54.37 | 8.74% | 3.14% | -2.91% | -47.92% | |
57 Neutral | $4.09B | 11.25 | 26.11% | ― | 44.84% | ― |
* Energy Sector Average
CRK
Comstock Resources
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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.