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
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 19, 2026· older than 90 days
Comstock Resources, Inc. (CRK) Stock Analysis
Energy · Oil & Gas E&P
Hold if already holding. Not a fresh buy at $13.38, 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 $13.38, 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: No clear chart pattern; technical signals are mixed. Under M&A bid. Hold for deal completion or sell if spread < 3%. Score 4.3/10, moderate confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and death cross (50MA < 200MA). 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 $4.7 billion over the same period. The 10-K discloses that the business is 'heavily dependent upon the price of and demand for natural gas,' and the 2024 reserve cycle — when undeveloped reserves shrank by 1.2 Tcf at the lower price — illustrates the downside: a renewed price decline could significantly reduce the proved undeveloped base and compress the capital program.
See also: Energy · Oil & Gas E&P
From Comstock Resources, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — Comstock Resources, Inc.
Latest news
- NEWS Analysts Estimate Comstock Resources (CRK) to Report a Decline in Earnings: What to Look Out for - Yahoo Finance — Yahoo Finance Oct 28, 2026 negative
- NEWS Comstock Resources (NYSE:CRK) Stock Forecast & Analyst Predictions - Simply Wall St — Simply Wall St Oct 26, 2026 neutral
- NEWS COMSTOCK RESOURCES ($CRK) Releases Q2 2026 Earnings - Quiver Quantitative — Quiver Quantitative Jul 29, 2026 neutral
- NEWS COMSTOCK RESOURCES ($CRK) Releases Q2 2026 Earnings - quiverquant.com — quiverquant.com Jul 29, 2026 positive
- NEWS Comstock Resources (CRK) Q2 Earnings Beat Estimates - Yahoo Finance — Yahoo Finance Jul 29, 2026 positive
Latest item Oct 28, 2026 · Generated 2026-11-05T12:04:08Z.
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. How we score · Editorial policy
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Rating Breakdown
3 floor-breakers
Revenue shrinking — -25.2% YoY. Growth thesis broken unless recovery story develops.static
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $13.38, 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: No clear chart pattern; technical signals are mixed. Under M&A bid. Hold for deal completion or sell if spread < 3%. Analyst target $14.25 (+6.5%), stop $12.65 (−5.8%), A.R:R 0.7:1. Score 4.3/10, moderate confidence.
Analyst target: $14.25 (+6.5% upside). Analyst target $14.25 (+6.5%), stop $12.65 (−5.8%), A.R:R 0.7:1. Stop-loss: $12.65.
Concentration risk — Geographic: Haynesville and Bossier shales in North Louisiana and East Texas; Concentration risk — Commodity: natural gas; Earnings expected to decline ~75% (cyclical peak).
Comstock Resources, Inc. trades at a P/E of 7.4 (forward 29.2). TrendMatrix value score: 6.5/10. Verdict: Hold.
25 analysts rate CRK, with a consensus score of 2.8/5. 15 analysts publish price targets averaging $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.