Overview
Comstock Q3 natural gas and oil sales totaled $335 mln, including realized hedging gains of $26.4 million, driven by higher natural gas prices
Adjusted EPS for Q3 missed analyst expectations
Company to sell Shelby Trough assets for $430 mln in cash
Outlook
Company did not provide specific guidance for future quarters or full year in its press release
Result Drivers
HIGHER NATURAL GAS PRICES - Increased natural gas prices drove improved financial results in Q3
HAYNESVILLE WELL COMPLETIONS - Successful well completions in Haynesville area contributed to production
STRATEGIC DIVESTITURES - Divestiture of non-strategic assets to streamline operations and reduce debt
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Miss | $0.09 | $0.10 (13 Analysts) |
Q3 EPS | $0.40 | ||
Q3 Adjusted Net Income | $28 mln | ||
Q3 Adjusted EBITDAX | $249 mln | ||
Q3 Operating Cash Flow | $190 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 9 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy."
Wall Street's median 12-month price target for Comstock Resources Inc is $19.00, about 1.3% above its October 31 closing price of $18.75
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 17 three months ago
Press Release: ID:nGNX8J7TMB
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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