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1. Company Snapshot

1.a. 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 company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves.It also owns interests in 2,557 producing oil and natural gas wells.


The company was incorporated in 1919 and is headquartered in Frisco, Texas.

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1.b. Last Insights on CRK

Breaking News: Comstock Resources Inc has seen a significant increase since its last earnings report 30 days ago. The company is expected to provide further updates on its current performance. Analysts are closely watching the stock. No recent earnings release or recommendations from analysts are available at this time. Comstock Resources Inc last earnings report was released 30 days ago. Several analysts have given recommendations on the stock including buy hold and sell recommendations.

1.c. Company Highlights

2. Comstock Resources' Q3 2025 Earnings: A Strong Performance

Comstock Resources reported a robust financial performance in Q3 2025, with oil and gas sales reaching $335 million, a 10% increase from the same quarter last year. The company's adjusted net income came in at $28 million, or $0.09 per diluted share, beating analyst estimates of $0.04. Adjusted EBITDAX for the quarter was $249 million, and operating cash flow was $190 million, or $0.65 per diluted share. The company's financial performance was driven by its efficient drilling program in the legacy Haynesville area, where drilling and completion costs averaged $1,229 per lateral foot.

Publication Date: Nov -13

📋 Highlights
  • Q3 2025 Revenue Growth: Oil and gas sales reached $335 million, a 10% increase from Q3 2024, with operating cash flow of $190 million ($0.65/share).
  • Western Haynesville Expansion: Three new wells came online with 32 MMcf/day IP rates, adding 8 wells in 2025 and 19 planned for 2025 completion, averaging 10,158 ft lateral lengths.
  • Asset Divestitures: Nonstrategic Cotton Valley wells sold for $15.2 million and Shelby Trough assets for $430 million in cash, boosting liquidity and focus on core Western Haynesville.
  • Cost Efficiency: Western Haynesville drilling costs dropped 24% to $1,385/ft (vs. $1,800/ft in Q2 2025), while completion costs rose 24% to $1,622/ft due to higher frac costs.
  • Midstream Expansion: Marquez plant capacity to reach 1.3 Bcf/d by 2026, with Pinnacle infrastructure planned to handle 2 Bcf/d gross production, supporting 2,559 net Western Haynesville locations.

Operational Highlights

The company turned three new Western Haynesville wells online, bringing the total number of wells turned to sales in 2025 in the Western Haynesville to eight. These wells had an average lateral length of 8,566 feet and an average per well initial production rate of 32 million cubic feet per day. Comstock Resources also divested its non-strategic Cotton Valley wells in East Texas and North Louisiana for net proceeds of $15.2 million and recently entered into an agreement to divest its Shelby Trough assets in East Texas for $430 million in cash.

Valuation and Growth Prospects

With a current P/E Ratio of 98.49 and an EV/EBITDA ratio of 15.02, the market is pricing in significant growth expectations for Comstock Resources. Analysts estimate next year's revenue growth at 12.4%. The company's strong performance in Q3 2025 and its growth prospects in the Western Haynesville play support this growth expectation. Comstock Resources' focus on building its asset in the Western Haynesville, with four operated rigs drilling to continue to delineate the play, is expected to drive future growth.

Capital Efficiency and Cost Structure

The company has made significant improvements in capital efficiency, particularly in downhole performance, in the Western Haynesville. However, it believes there is still room for improvement, and it is expecting to see better capital efficiency in 2026. The company's drilling and completion costs in the Western Haynesville averaged $1,385 a foot, a 24% decrease compared to the second quarter, while completion costs averaged $1,622 a foot, a 24% increase due to higher frac costs.

Outlook and Conclusion

Comstock Resources is well-positioned to benefit from growing demand for gas from AI, data centers, and LNG, given its strong position in the Haynesville Shale and its own midstream infrastructure. The company's plan to drill 19 wells and turn 13 wells to sales in the Western Haynesville this year, and its focus on optimizing its midstream assets, are expected to drive future growth. With a robust financial performance and a strong growth outlook, Comstock Resources is an attractive investment opportunity in the energy sector.

3. NewsRoom

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Why Is Comstock (CRK) Up 26.5% Since Last Earnings Report?

Dec -03

Source: zacks.com

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The Next 3 Years Could Make Or Break Portfolios - Here's My Plan

Dec -02

Source: seekingalpha.com

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Comstock Resources, Inc. (NYSE:CRK) Given Consensus Rating of “Reduce” by Brokerages

Dec -01

Source: defenseworld.net

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Give Oil a Miss, Focus on Natural Gas Stocks: WMB, AR, CRK

Nov -21

Source: zacks.com

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My Most Contrarian Call Yet: Energy Is About To Rewrite Wall Street's Playbook

Nov -17

Source: seekingalpha.com

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Comstock (CRK) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Nov -14

Source: zacks.com

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Comstock Q3 Earnings Beat Estimates on Higher Price Realizations

Nov -12

Source: zacks.com

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Comstock Resources: Divestitures Boost Its Liquidity, But Production Performance Remains Underwhelming

Nov -06

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.80%)

6. Segments

Natural Gas

Expected Growth: 12%

Comstock Resources, Inc.'s 12% growth in Natural Gas is driven by increasing demand from power generation and industrial sectors, coupled with strategic acquisitions and exploration activities in the Haynesville Shale region. Additionally, improved operational efficiencies and cost reductions have enhanced profitability, supporting the company's growth momentum.

Gas Services

Expected Growth: 11%

Comstock Resources' 11% growth in Gas Services is driven by increasing demand for natural gas, strategic acquisitions, and operational efficiencies. The company's focus on the Haynesville shale play, where it has a significant presence, has contributed to its growth. Additionally, Comstock's efforts to reduce costs and improve well productivity have enhanced its competitiveness, leading to increased market share and revenue growth.

Oil

Expected Growth: 10%

Comstock Resources, Inc.'s 10% growth in oil production is driven by increased drilling activities in the Haynesville shale, improved operational efficiencies, and strategic acquisitions. Additionally, rising crude oil prices and growing demand for energy also contribute to the growth. Furthermore, the company's focus on cost reduction and capital discipline enables it to maintain a competitive edge in the market.

7. Detailed Products

Natural Gas

Comstock Resources, Inc. is a leading independent oil and gas company that explores, develops, and produces natural gas from its properties located in Texas, Louisiana, and Mississippi.

Crude Oil

Comstock Resources, Inc. also produces crude oil from its properties, which is refined into various petroleum products such as gasoline, diesel fuel, and jet fuel.

Natural Gas Liquids (NGLs)

Comstock Resources, Inc. produces NGLs, which are a group of hydrocarbons that are extracted from natural gas and used as a feedstock for petrochemicals and as a fuel.

8. Comstock Resources, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Comstock Resources, Inc. is medium due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for Comstock Resources, Inc. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Comstock Resources, Inc. is medium due to the company's dependence on a few key suppliers for equipment and services.

Threat Of New Entrants

The threat of new entrants for Comstock Resources, Inc. is high due to the relatively low barriers to entry in the oil and gas industry.

Intensity Of Rivalry

The intensity of rivalry for Comstock Resources, Inc. is high due to the highly competitive nature of the oil and gas industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.04%
Debt Cost 7.26%
Equity Weight 46.96%
Equity Cost 7.48%
WACC 7.37%
Leverage 112.96%

11. Quality Control: Comstock Resources, Inc. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EQT

A-Score: 5.4/10

Value: 5.3

Growth: 3.2

Quality: 6.5

Yield: 2.0

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Range Resources

A-Score: 5.2/10

Value: 5.4

Growth: 3.2

Quality: 6.9

Yield: 1.0

Momentum: 8.5

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Antero Resources

A-Score: 5.0/10

Value: 6.6

Growth: 3.9

Quality: 6.0

Yield: 0.0

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Comstock Resources

A-Score: 3.9/10

Value: 4.4

Growth: 2.1

Quality: 2.8

Yield: 1.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Southwestern Energy

A-Score: 3.7/10

Value: 5.1

Growth: 1.6

Quality: 4.7

Yield: 3.0

Momentum: 5.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Kosmos Energy

A-Score: 3.4/10

Value: 9.4

Growth: 5.2

Quality: 3.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

27.37$

Current Price

27.37$

Potential

-0.00%

Expected Cash-Flows