The price trend for Comstock Resources (CRK) has been bearish lately and the stock has lost 6.5% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor ...

The market expects Comstock Resources (CRK) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be re ...

Shares of Comstock Resources (CRK) have been struggling lately and have lost 9.2% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Comstock Resources (CRK) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Comstock Resources is one of 249 companies in the Oils-Energy group. The Oils-Energy group currently sits at #9 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst i ...

FRISCO, TX, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release its fourth quarter 2024 results on February 18, 2025 after the market closes and host its quarterly conference call at 10:00 a.m. CT on February 19, 2025 to discuss the fourth quarter results. Parties interested in participating in the conference call telephonically will need to register at https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6. Upon registering to participate in the conferen ...

Financial Data and Key Metrics Changes - The average realized gas price before hedging was $1.90 for the quarter, significantly impacted by weak natural gas prices [13] - Oil and gas sales, including hedging, were $305 million, with cash flow from operations of $152 million or $0.52 per share [14] - Adjusted net loss was $0.17 per share for the quarter, attributed to lower completion activity and higher depreciation, depletion, and amortization [18][19] - Year-to-date oil and gas sales decreased 7% to $919 million compared to 2023, with a net loss of $121 million or $0.42 per share [20][21] Business Line Data and Key Metrics Changes - Production in Q3 averaged 1.4 Bcfe per day, a 2% increase from Q3 2023 [17] - The company turned 41 operated wells to sales in 2024, with an average initial production rate of 24 million cubic feet per day [25] - The Western Haynesville acreage increased to 453,881 net acres, with significant cost reductions in well drilling [15][16] Market Data and Key Metrics Changes - The quarterly NYMEX settlement price averaged $2.16, while the average Henry Hub spot price was $2.09, leading to a realized gas price of $1.90 [22] - The company was 28% hedged in Q3, improving the realized gas price to $2.28, with plans to be 50% hedged in Q4 [22] Company Strategy and Development Direction - The company aims to grow inventory through exploration in the Western Haynesville play, securing 450,000 net acres since 2020 [10] - A focus on cost reduction and efficiency in drilling operations, with a target to maintain a strong financial liquidity position of approximately $1.1 billion [48][27] - The company plans to adjust its drilling program based on natural gas demand and prices, with a significant emphasis on the Western Haynesville [47][49] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for natural gas driven by LNG exports and data center growth, positioning the company favorably in the market [8][9] - The outlook for 2024 includes a 25% to 35% reduction in CapEx and a focus on maintaining a strong cost structure amid low natural gas prices [45][48] - Management expressed confidence in the Western Haynesville's potential, anticipating significant growth in natural gas demand in the coming years [49] Other Important Information - The company has successfully drilled and completed its first horseshoe well, achieving an initial production rate of 31 million cubic feet per day [30] - The drilling costs per foot for the third quarter averaged $642, with completion costs at $776 per foot, indicating a mixed cost environment [43] - The company has a robust drilling inventory, with 1,607 gross locations and plans to convert more locations to horseshoe wells for better economic performance [32][90] Q&A Session Summary Question: Discussion on planned outspend for Q4 and balance sheet management for 2025 - Management explained that the outspend is due to quicker drilling days and completion work expected to cross over into 2025, with a focus on balancing capital investment with cash flow generation [54][56] Question: Insights on Western Haynesville drilling costs and future updates - Management confirmed that drilling costs are improving, with a more detailed update expected early next year [57][58] Question: Geographical spread of horseshoe well locations and potential for additional locations - Management indicated that the 64 horseshoe locations are spread evenly across the Haynesville acreage, with potential for more locations as they evaluate the Bossier area [62][64] Question: Outlook for M&A in the Haynesville - Management expressed interest in potential M&A opportunities, particularly in the Western Haynesville, as larger companies divest mature vertical wells [93] Question: Handling geological challenges in the Western Haynesville - Management stated that they have 3D seismic data to identify geological hazards, minimizing risks in drilling operations [97][98] Question: Perception of natural gas pricing and winter demand - Management noted that near-term gas prices will depend on winter heating demand, with expectations for increased demand in the second half of 2025 [100]

CRK 3rd Quarter 2024 Results OCTOBER 30, 2024 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. These statements include estimates of future natural gas and oil reserves, expected natural gas and oil production and future expenses, assumptions regarding future natural gas and oil prices ...

Financial Performance - Total revenues for the nine months ended September 30, 2024, were $887.07 million, a decrease from $1.15 billion in the same period in 2023[8] - Net loss for the nine months ended September 30, 2024, was $171.52 million, compared to a net income of $103.52 million in the same period in 2023[8] - Net income (loss) for the nine months ended September 30, 2024, was a loss of $163.44 million, compared to a profit of $103.52 million in the same period in 2023[8] - Net loss attributable to common stock was $25.7 million in Q3 2024, compared to net income of $14.7 million in Q3 2023[55] - Net loss of $25.7 million ($0.09 per share) reported for Q3 2024, compared to net income of $14.7 million ($0.05 per share) in Q3 2023, driven by lower natural gas prices[80] - Net income for Q1 2023 was $134.5 million, but the company experienced a net loss of $45.7 million in Q2 2023 and $16.3 million in Q1 2024[9] - Basic net loss per share for the nine months ended September 30, 2024, was $0.57, compared to a net income per share of $0.37 in the same period in 2023[8] - Total operating expenses for the nine months ended September 30, 2024, were $1.05 billion, up from $978.71 million in the same period in 2023[8] - Depreciation, depletion, and amortization expenses for the nine months ended September 30, 2024, were $593.28 million, up from $422.35 million in the same period in 2023[8] - Depreciation, depletion, and amortization (DD&A) increased by $60.2 million to $208.4 million in Q3 2024, with a DD&A rate of $1.56 per Mcfe, up from $1.13 per Mcfe in Q3 2023[74] - Interest expense increased to $54.5 million in Q3 2024 from $43.6 million in Q3 2023, due to additional senior notes issuance and higher interest rates[78] - Income tax benefit of $14.7 million in Q3 2024, compared to a provision of $3.6 million in Q3 2023, reflecting an effective tax rate of 36.4%[79] - The effective tax rate for the three months ended September 30, 2024 was 36.4%, compared to 19.7% in the same period in 2023[48] Revenue and Sales - Natural gas sales for the nine months ended September 30, 2024, were $756.26 million, down from $911.07 million in the same period in 2023[8] - Oil sales for the nine months ended September 30, 2024, were $2.93 million, compared to $4.11 million in the same period in 2023[8] - Gas services revenue for the nine months ended September 30, 2024, was $127.89 million, a decrease from $239.35 million in the same period in 2023[8] - Natural gas and oil sales decreased by $51.8 million (17%) to $253.6 million in Q3 2024 compared to $305.5 million in Q3 2023, primarily due to lower natural gas prices[67] - Gas service revenues decreased by $20.4 million (29%) to $50.8 million in Q3 2024 compared to $71.3 million in Q3 2023, driven by lower natural gas prices[69] - Natural gas production increased 2% to 133.1 Bcf in Q3 2024, with an average price of $1.90 per Mcf, down 18% from $2.33 per Mcf in Q3 2023[67] Assets and Liabilities - Total current assets as of September 30, 2024, were $299.71 million, down from $461.49 million as of December 31, 2023[5] - Long-term debt increased to $2.95 billion as of September 30, 2024, from $2.64 billion as of December 31, 2023[5] - Net property and equipment increased to $5.59 billion as of September 30, 2024, from $5.38 billion as of December 31, 2023[5] - Total stockholders' equity decreased to $2.36 billion as of September 30, 2024, from $2.38 billion as of December 31, 2023[6] - Total stockholders' equity attributable to Comstock decreased to $2.30 billion as of September 30, 2024, from $2.36 billion as of December 31, 2023[6] - Total stockholders' equity increased from $2,278.3 million at the beginning of 2023 to $2,362.0 million by September 30, 2024[9] - The company's cash and cash equivalents decreased by $2.9 million to $13.8 million as of September 30, 2024[10] - Other current assets decreased from $86.6 million at the end of 2023 to $58.4 million as of September 30, 2024[14] - Prepaid drilling costs decreased from $70.1 million at December 31, 2023, to $41.1 million at September 30, 2024[14] - The company's goodwill was $335.9 million as of September 30, 2024, with no impairment indicators identified[21] - Right-of-use lease assets totaled $82.1 million, with short-term and long-term liabilities, and no finance-type leases as of September 30, 2024[22] - The company had right-of-use lease assets of $82.1 million related to corporate office, office equipment, vehicles, and drilling rigs[22] - Accrued costs as of September 30, 2024 were $106.057 million, including $34.088 million in transportation costs and $22.086 million in interest payable[29] - The reserve for future abandonment costs increased to $32.016 million as of September 30, 2024, up from $30.773 million at the beginning of the period[30] - Accounts receivable from purchasers were $100.8 million as of September 30, 2024, compared to $166.6 million as of December 31, 2023[43] - The carrying value of commodity-based derivatives was $76.5 million as of September 30, 2024, with a fair value of $76.5 million[50] - The carrying value of the 6.75% senior notes due 2029 was $1.60 billion as of September 30, 2024, with a fair value of $1.58 billion[50] - The carrying value of the 5.875% senior notes due 2030 was $965.0 million as of September 30, 2024, with a fair value of $897.5 million[50] - The carrying value of the Company's bank credit facility was $415,000 as of September 30, 2024, compared to $480,000 as of December 31, 2023[50] - Long-term debt totaled $2.95 billion as of September 30, 2024, including $1.62 billion in 6.75% Senior Notes due 2029 and $965 million in 5.875% Senior Notes due 2030[60] - The company had approximately $3.0 billion principal amount of long-term debt outstanding as of September 30, 2024, with $965.0 million bearing interest at a fixed rate of 5.875% and $1.62 billion at a fixed rate of 6.75%[96] Cash Flow and Capital Expenditures - Cash flow from operating activities for the nine months ended September 30, 2024, was $353.3 million, compared to $788.6 million in the same period in 2023[10] - Net cash from operating activities decreased by $435.4 million (55%) to $353.3 million in the first nine months of 2024 compared to $788.6 million in the same period in 2023, primarily due to lower natural gas prices[81] - Capital expenditures and acquisitions for the nine months ended September 30, 2024, totaled $817.5 million, down from $1.09 billion in the same period in 2023[10] - Capital expenditures decreased by $315.0 million in the first nine months of 2024, primarily due to lower drilling and completion activity, with total cash capital expenditures of $788.5 million[84] - The company expects to spend an additional $225 million to $275 million in the remaining three months of 2024 on drilling, completion, infrastructure, and other activities[84] - The company acquired approximately 189,000 net undeveloped acres in its Western Haynesville area for $50.0 million in March 2024[59] - Capital expenditures and acquisitions totaled $817.5 million for the nine months ended September 30, 2024, down from $1,088.9 million in the same period of 2023[10] - Capitalized exploratory well costs increased significantly, from $37.1 million at the end of Q3 2023 to $129.9 million at the end of Q3 2024[16] - Additions to exploratory well costs pending determination of proved reserves for the nine months ended September 30, 2024, were $219.8 million, up from $179 million in the same period in 2023[16] Debt and Financing - Long-term debt increased to $2.95 billion as of September 30, 2024, from $2.64 billion as of December 31, 2023[5] - The company issued $400.0 million principal amount of 6.75% senior notes due 2029 in April 2024, receiving net proceeds of $365.2 million[61] - The company issued $400.0 million in 6.75% senior notes due 2029 in April 2024, receiving net proceeds of $365.2 million after deducting initial purchasers' discounts[82] - The company issued $400.0 million principal amount of 6.75% senior notes in April 2024, receiving net proceeds of $365.2 million after deducting discounts, used to pay down bank credit facility borrowings[82] - Comstock issued 12.5 million shares of common stock in a private placement in March 2024, raising $100.5 million and increasing majority stockholder ownership to 67%[62] - The company issued 12,500,000 shares of common stock in a private placement during the first nine months of 2024, receiving proceeds of $100.5 million[85] - The company issued 12,500 common shares in Q1 2024, raising $100.45 million[9] - As of September 30, 2024, the company had $1.1 billion of liquidity, including $1,085.0 million of unused borrowing capacity under its bank credit facility and $13.8 million of cash and cash equivalents[86] - As of September 30, 2024, the company had $415.0 million of borrowings outstanding under its bank credit facility, with aggregate commitments of $1.5 billion[89] - As of September 30, 2024, the company had $415.0 million of borrowings outstanding under its bank credit facility, with aggregate commitments of $1.5 billion maturing on November 15, 2027[89] - Cash payments for interest increased to $180.3 million in the nine months ended September 30, 2024, up from $150.2 million in the same period in 2023[56] Derivatives and Hedging - The company had natural gas price swap contracts for 310.775 million MMBtu at an average price of $3.51 per MMBtu as of September 30, 2024[32] - The company entered into additional natural gas swap contracts for 7.3 million MMBtu at an average price of $3.40 per MMBtu after September 30, 2024[33] - The company recognized a gain of $75.163 million on natural gas price derivatives for the three months ended September 30, 2024[34] - Gains on natural gas price derivatives recognized in earnings for the three months ended September 30, 2024 were $75.163 million, compared to $14.276 million in the same period in 2023[34] - Gain from derivative financial instruments for the nine months ended September 30, 2024, was $89.22 million, compared to $76.19 million in the same period in 2023[8] - The company had natural gas price swaps to hedge approximately 64.4 Bcf of its 2024 natural gas production at an average price of $3.54 per MMBtu[94] - The company had natural gas price swaps to hedge approximately 64.4 Bcf of 2024 production at an average price of $3.54 per MMBtu, and collars for 54.8 Bcf of 2025 production with an average ceiling price of $3.80 and floor price of $3.50[94] - An increase of 10% in the market price of natural gas on September 30, 2024, would decrease the fair value of the company's natural gas price swaps and collars by approximately $115.3 million[95] - A 10% increase in natural gas prices on September 30, 2024 would decrease the fair value of the company's natural gas price swaps and collars by approximately $115.3 million, while a 10% decrease would increase the fair value by $115.2 million[95] Stock and Compensation - Stock-based compensation expense for the three months ended September 30, 2024 was $3.9 million, compared to $2.7 million in the same period in 2023[35] - Total unrecognized compensation cost related to unvested restricted stock grants was $15.3 million as of September 30, 2024, expected to be recognized over 1.9 years[36] - Total unrecognized compensation cost related to PSUs was $9.7 million as of September 30, 2024, expected to be recognized over 2.2 years[37] - The Company had 2,091,087 shares of unvested restricted stock outstanding as of September 30, 2024, with a weighted average grant date fair value of $9.25 per share[36] - The Company had 1,290,755 PSUs outstanding as of September 30, 2024, with a weighted average grant date fair value of $13.21 per unit[37] - Weighted average unvested restricted stock outstanding increased to 2,091 thousand shares in Q3 2024, up from 1,469 thousand in Q3 2023[52] - Weighted average unearned PSUs outstanding rose to 1,291 thousand in Q3 2024, compared to 744 thousand in Q3 2023[53] - Unvested restricted stock included in common stock outstanding was 2,091,087 shares as of September 30, 2024, compared to 1,429,084 shares as of December 31, 2023[51] Leases and Commitments - Lease costs for the three months ended September 30, 2024 were $17.046 million, compared to $65.695 million for the same period in 2023[25] - Expected future payments for short-term leased drilling services as of September 30, 2024 were $53.7 million[26] - Total lease payments for operating leases as of September 30, 2024 were $89.501 million, with a total lease liability of $82.053 million[27] - The company entered into agreements for two new drilling rigs in August 2024, with an annual commitment of $12.8 million per rig[63] Taxes and Other Expenses - Production and ad valorem taxes decreased by $12.8 million (50%) to $12.6 million in Q3 2024 compared to $25.4 million in Q3 2023, due to lower statutory tax rates and reduced sales[70] - Gathering and transportation costs increased by $7.0 million (15%) to $54.0 million in Q3 2024 compared to $47.0 million in Q3 2023, driven by production growth in higher-cost areas[71] - Lease operating expenses decreased by $2.4 million (8%) to $29.2 million in Q3 2024 compared to $31.7 million in Q3 2023, due to lower water disposal and production costs[72] - Comstock received $0.3 million in fees for drilling, operating, and marketing services provided to partnerships owned by its majority stockholder in Q3 2024[64] - Comstock received $0.3 million in fees for drilling, operating, and marketing services provided to partnerships in Q3 2024, consistent with Q3 2023[64] Joint Ventures and Other Assets - Pinnacle Gas Services (PGS) assets that cannot be used by Comstock for general corporate purposes were $101.6 million as of September 30, 2024[13] - Pinnacle Gas Services, a joint venture, had $101.6 million in other property and equipment as of September 30, 2024[13] - The company had no exploratory wells with capitalized costs for more than one year as of September 30, 2024 and December 31, 2023[17] - The company had no exploratory wells with capitalized costs for more than one year as of September 30, 2024 and December 31, 2023[17]

Comstock Resources (CRK) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -6.25%. A quarter ago, it was expected that this oil and gas company would post a loss of $0.17 per share when it actually produced a loss of $0.20, delivering a surprise of -17.65%. Over the last four quarters, the ...