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Comstock Resources, Inc.
$4.3B
Market Cap
16.2
P/E
1.40
PEG
5.2%
ROCE
15.9%
ROE
0.98
D/E
18.4%
OPM
-47.8%
% from 52W High
57
α RS
🔍 CRK is showing a sector-leadership setup because Sector RRG has Energy in the Leading quadrant with the trail still strengthening, an ECS of 82.3 last quarter, and momentum_movers preset's Backtest win rate is 53.2% over 90 days. Net: Broad signal stack, not a recommendation. ? RRG ECS Backtest
Sources
Energy in Leading quadrant · ECS 82.3 · Backtest win rate 53.2%
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🌏 Global Investor Returns
Currency-adjusted total returns for CRK including FX impact
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📈 Price History
Ratio Health
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About

Comstock Resources, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets covering an area of approximately 1,069,991 acres are 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.

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📈 Growth Pattern
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⭐ Superinvestors Holding CRK
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.28M $27.1M 0.03% Mar 2026
Jim Simons Renaissance Technologies LLC 131.9K $2.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Natural gas producer with Western Haynesville inventory, 5.2 GW power hub deal
Revenue & Profitability
Q1 2026 oil and gas sales were $339 million. Operating cash flow was $192 million, adjusted EBITDAX was $251 million, and adjusted net income was $44 million ($0.15 per share). Reported net income included a pre-tax $83 million mark-to-market gain, resulting in $107 million net income ($0.38 per share).
Outlook
Management views the Haynesville Shale as the most important basin to supply natural gas to Gulf Coast LNG facilities and data centers in Texas and Louisiana. The arrival of the Western Haynesville is seen as a game changer for future natural gas supply. The Anderson County power hub is expected to serve up to 5 GW of large load demand, driven by AI and hyperscaler needs.
Growth Drivers
Key growth levers include the Western Haynesville drilling program (36 producing wells, 2,546 net locations identified), the legacy Haynesville horseshoe well program (16 planned in 2026), and the power generation hub with NextEra. Management expects production to increase 13-15% in Q2 2026. The company also plans to optimize D&C costs through rotary steerable technology, larger hole designs, and high-temperature motors.
Balance Sheet & CapEx
Q1 2026 drilling spend was $343 million. The company ran 9 rigs (5 legacy, 4 Western Haynesville) and 3 frac fleets (adding a fourth in May 2026). Drilling costs in legacy Haynesville averaged $700/ft (up 3% QoQ), completion costs $652/ft (down 9% QoQ). In Western Haynesville, drilling costs averaged $1,534/ft and completion costs $1,537/ft. A rig upgrade to 10,000 PSI rating is expected by late summer.
Margins
EBITDAX margin was 73% in Q1 2026. Operating costs were $0.93 per Mcfe, up $0.16 from Q4 2025 due to lower production. Lifting costs and G&A each rose $0.04, production taxes increased $0.03, and gathering costs increased $0.05. The company aims to continue being the low-cost operator.
Key Risks
Risks highlighted include cash burn and slow resource delineation in the Western Haynesville (raised by analyst Carlos Escalante). Production impacts from winter weather were significant in Q1. Well performance variability (e.g., water production on certain wells) and higher-than-expected D&C costs were noted. The company's heavy hedging (72% in Q1) can reduce realized prices. Management also flagged the risk of drilling too fast and destroying value, as occurred in the legacy Haynesville in 2008-2010.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Production rose 16% sequentially, but lower gas prices reduced financial results. A $600 million midstream equity sale eliminated Pinnacle's debt, while drilling and completion innovations are expected to sustain growth and lower costs.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 saw lower production and financial results due to winter weather, but strong late-quarter drilling is expected to drive a production rebound. The company secured a major role in a 5.2 GW power generation hub and continues to optimize operations and capital structure.
Q4 2025 Q4 2025 2026-02-12
Q4 and full-year 2025 saw higher sales and profitability, driven by improved gas prices and cost reductions, despite lower production. Asset sales strengthened the balance sheet, and major drilling and efficiency initiatives are underway in both Haynesville plays, with flexible 2026 plans to match market conditions.
Q3 2025 Q3 2025 2025-11-04
Q3 2025 saw strong financial results with 10% revenue growth, improved margins, and a shift in focus to the Western Haynesville, supported by asset divestitures and operational efficiencies. The company maintains robust liquidity and is positioned to benefit from rising natural gas demand.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw a 24% increase in oil and gas sales to $344 million, with adjusted net income of $40 million, as Western Haynesville development accelerated and new infrastructure came online. Plans include further drilling, non-core asset sales for deleveraging, and a partnership with NextEra Energy.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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