Comstock Resources, Inc. (CRK)
NYSEEnergyOil & Gas Exploration & ProductionSnapshot 2026-09-09
$14.90-1.72%
Close 2026-09-09 · 1-day change
NYSEEnergyOil & Gas Exploration & ProductionSnapshot 2026-09-09
Broken: Primary pillar broken — Production cost per Mcfe near $0.93 in 2026-Q1: metric not reported.
Comstock plans to spend about $1.45 billion on projects in 2026. It sold a $600 million stake in its midstream business. This deal should help its cash flow. The stock trades cheap with a price-to-earnings of 13.3 versus peers at 16.2.
Costs rose from $0.77 to $0.93 per Mcfe in early 2026. Sales fell from $364 million to $338.6 million in the same period. Earnings estimates have been cut recently. These trends show weak profit and revenue growth.
The price is about 5% below our fair value near $14.8. Analysts expect 3% revenue growth, but estimates have fallen recently. The market prices in some weakness but not a big decline.
Breaks if: Capex falls below $1.4B in FY26
Maintain disciplined capital expenditures in 2026 focused on development and exploration projects with a budget of approximately $1.4 billion to $1.5 billion.
Stated as a priority in 3 of last 3 quarters. The company reiterated its 2026 capex guidance of $1.4 billion to $1.5 billion consistently from 2025-Q4 through 2026-Q2. This aligns with actual capital expenditures reported, indicating disciplined capital allocation and delivery on stated guidance.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a speculative growth opportunity in the energy sector. The current thesis state has weakened due to recent financial performance dropping within its industry.
The market appears to price in elevated expectations, with a premium valuation compared to peers. There is an expectations gap indicating that investors may be anticipating better performance than what has been recently delivered.
Fundamentals are likely to reflect a cautious trajectory, given the recent earnings miss and the company's neutral financial performance. Management's focus on production increases and operational efficiency may provide some support.
The thesis hinges on whether inflation reaccelerates, which could benefit CRK, and whether sector leaders continue to perform well. Additionally, any guidance cuts from management could negatively impact sentiment.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The company secured $2.1 billion in new deals, enhancing revenue and profitability. A partnership worth $1.65 billion also significantly boosts revenue and growth potential. There are no new threats impacting the thesis.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“Comstock plans to spend approximately $1.4 billion to $1.5 billion in 2026 on development and exploration projects.”
“Comstock plans to spend approximately $1.4 billion to $1.5 billion in 2026 on development and exploration projects.”
“Comstock plans to spend approximately $1.4 billion to $1.5 billion in 2026 on development and exploration projects.”
Breaks if: Cost per Mcfe rises above $0.93 next year
Breaks if: Sales fall below $338.6M next year
Grow natural gas and oil sales revenue and improve net income through operational execution and hedging strategies.
Stated as a priority in 3 of last 3 quarters. Revenue and net income declined significantly from $787M and $281M in 2025-Q4 to $353M and $8.8M in 2026-Q2 respectively. Despite management's focus on increasing revenue and profitability, the financial results show a declining trajectory over the period.
“Natural gas and oil sales were $353 million; net income was $8.8 million.”
“Natural gas and oil sales were $587 million; net income was $107 million.”
“Natural gas and oil sales were $787 million; net income was $280 million.”
In the next 1-3 years, CRK's performance will depend on external economic factors and internal execution. Not investment advice.