Comstock Resources screens as deeply cheap on a forward earnings basis with a favorable risk/reward setup, but two hard gate failures — a confirmed death-cross downtrend and momentum well below the entry threshold — combined with outright negative free cash flow make this a hold-but-not-add position where the fundamental discount cannot overcome the technical and cash flow obstacles.
Thesis pillars
- High Short Interest Amplifies Moves↓Deteriorating
- Negative Free Cash Flow Structural Drag→Stable
- Deep Value Commodity Discount↑Improving
- +1 more pillar — see the Why tab for full reasoning
Comstock Resources, Inc. (CRK) Stock Analysis
Recovery setup
Energy · Oil & Gas E&P
Hold if already holding. Not a fresh buy at $13.60, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Haynesville and Bossier shales in North Louisiana and East Texas; Concentration risk — Commodity: natural gas.
Comstock Resources produces natural gas from the Haynesville and Bossier shale plays in North Louisiana and East Texas, holding 7.0 Tcfe of proved reserves (PV 10 value $4.5 billion) at December 31, 2025. The company generates revenue from natural gas sales and spent $1.05... Read more
Hold if already holding. Not a fresh buy at $13.60, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Haynesville and Bossier shales in North Louisiana and East Texas; Concentration risk — Commodity: natural gas. Chart setup: Death cross but MACD improving, RSI 43. Downgraded from BUY WAIT — price $13.52 has reached target $13.56. No upside to wait for. Score 6.1/10, moderate confidence.
Passes 5/9 gates (positive momentum, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and death cross (50MA < 200MA) and earnings proximity 3d<=7d. Suitability: speculative.
About Comstock Resources, Inc.
About Comstock Resources, Inc.
Comstock Resources holds 7.0 Tcfe of proved natural gas reserves with a PV 10 value of $4.5 billion at December 31, 2025, with substantially all reserves in the Haynesville and Bossier shale plays across 1,069,991 gross acres in North Louisiana and East Texas. The company drilled 52 wells averaging 11,187-foot laterals in 2025, replacing 830% of production in the SEC price case, and reported an average reserve life of approximately 16 years.
Revenue derives almost entirely from natural gas sales into Gulf Coast markets, which benefit from geographic proximity to LNG export terminals, pipeline exports to Mexico, and petrochemical facilities. In 2025, Comstock operated 99% of its proved reserve base and spent $1.05 billion on drilling and completion activities. The company's Pinnacle Gas Services LLC operates 246 miles of high-pressure pipelines and two gas treating plants in the Western Haynesville area; in January 2026, Pinnacle entered an agreement to redeem its Quantum Capital Solutions partnership interest for $440 million cash. A partnership with NextEra Energy Resources LLC targets 2 gigawatts of initial power generation capacity in Western Haynesville for hyperscaler data centers, with potential expansion to 8 gigawatts. Outstanding principal debt was $2.8 billion at December 31, 2025.
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Comstock Resources' proved undeveloped reserve base is highly price-sensitive, having grown by 3.1 Tcf during 2025 as SEC prices rose from $1.84 per Mcf in 2024 to $3.07 per Mcf in 2025, while associated future development capital commitments grew from $0.9 billion to $4.7 billion over the same period. The 10-K discloses that the business is 'heavily dependent upon the price of and demand for natural gas,' and the 2024 reserve cycle — when undeveloped reserves shrank by 1.2 Tcf at the lower price — illustrates the downside: a renewed price decline could significantly reduce the proved undeveloped base and compress the capital program.
See also: Energy · Oil & Gas E&P
From Comstock Resources, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated 2026-07-26Recent Developments — Comstock Resources, Inc.
Latest news
- NEWS Analysts Offer Insights on Energy Companies: Comstock Resources (CRK), Exxon Mobil (XOM) and Kinetik (KNTK) - The Globe — The Globe and Mail neutral
- NEWS Comstock Resources Inc (CRK) Shares Fall 6.2% -- What GF Score o - GuruFocus — GuruFocus negative
- NEWS Comstock Resources Gain Focus Amid Shifting Natural Gas Trends - Kalkine Media — Kalkine Media positive
- NEWS Additional Considerations Required While Assessing Comstock Resources' (NYSE:CRK) Strong Earnings - simplywall.st — simplywall.st positive
- NEWS Why Comstock Resources (CRK) Shares Are Sliding Today - StockStory — StockStory negative
Generated 2026-07-27T12:08:00Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicHaynesville and Bossier shales in North Louisiana and East Texas10-K Item 1: 'Substantially all of our proved reserves are in the Haynesville and Bossier shales in North Louisiana and East Texas'
- HIGHCommoditynatural gas10-K Item 1A: 'Our business is heavily dependent upon the price of and demand for natural gas'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
10 dimensions · all in-band
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $13.60, but acceptable to hold if already in. Reasons: Concentration risk — Geographic: Haynesville and Bossier shales in North Louisiana and East Texas; Concentration risk — Commodity: natural gas. Chart setup: Death cross but MACD improving, RSI 43. Downgraded from BUY WAIT — price $13.52 has reached target $13.56. No upside to wait for. Target $13.56 (-0.3%), stop $11.05 (−23.1%), A.R:R 0.0:1. Score 6.1/10, moderate confidence.
Take-profit target: $13.56 (+0.3% upside). Target $13.56 (-0.3%), stop $11.05 (−23.1%), A.R:R 0.0:1. Stop-loss: $11.05.
Concentration risk — Geographic: Haynesville and Bossier shales in North Louisiana and East Texas; Concentration risk — Commodity: natural gas; Earnings expected to decline ~51% (cyclical peak).
Comstock Resources, Inc. trades at a P/E of 6.1 (forward 12.5). TrendMatrix value score: 7.7/10. Verdict: Hold.
22 analysts cover CRK with a consensus score of 2.8/5. Average price target: $16.
What does Comstock Resources, Inc. do?Comstock Resources produces natural gas from the Haynesville and Bossier shale plays in North Louisiana and East Texas,...
Comstock Resources produces natural gas from the Haynesville and Bossier shale plays in North Louisiana and East Texas, holding 7.0 Tcfe of proved reserves (PV 10 value $4.5 billion) at December 31, 2025. The company generates revenue from natural gas sales and spent $1.05 billion on drilling and development activities in 2025.