Comstock Buy Rating Maintained
Texas-based Comstock Resources, Inc. (CRK - Analyst Report) is an independent oil and gas exploration and production company engaged in the acquisition, exploration, and development of oil and gas properties. The company's operations are concentrated primarily in four regions in the U.S.: the Gulf of Mexico, East Texas/North Louisiana, Mississippi and South Texas.
We are maintaining our Buy recommendation on Comstock shares, given the company's growing volumes (for the first nine months of 2008, volumes were up 36%), attractive valuation, and relatively lower risk profile. Additionally, the Bois d'Arc sale to Stone Energy has streamlined Comstock's operations and positioned it to function as a pure-play onshore natural gas producer.
The Haynesville Shale play offers significant long-term reserve-add potential going forward. Comstock's drilling success in the Cotton Valley formation is another catalyst for future production growth.
Read the full analyst report on CRK.
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| Market Summary | Nov 22, 2009 03:24 am ET |
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