Comstock Resources (CRK) Reports Q2 Loss, Lags Revenue Estimates

Company Overview - Comstock Resources (CRK) reported a quarterly loss of $0.20 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.17, compared to break-even earnings per share a year ago [5] - The company posted revenues of $246.83 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 13.37%, and down from $288.21 million in the same quarter last year [6] - Over the last four quarters, Comstock has surpassed consensus EPS estimates only once [6] Earnings Outlook - The upcoming quarterly earnings estimate for Comstock is projected at -$0.03 on revenues of $330.1 million for the next quarter, and -$0.13 on revenues of $1.33 billion for the current fiscal year [12] - The consensus EPS estimate for the upcoming report is $1.29 per share, reflecting a year-over-year change of +9.3%, with a recent revision of 1.4% higher over the last 30 days [3] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the bottom 22% of over 250 Zacks industries, indicating a challenging environment for companies in this sector [2] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [2] Stock Performance - Comstock shares have increased by approximately 14.2% since the beginning of the year, slightly underperforming the S&P 500's gain of 14.5% [8] - The current estimate revisions trend for Comstock is mixed, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [11]