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Strength Seen in Comstock (CRK): Can Its 9.1% Jump Turn into More Strength?
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Comstock Resources (CRK - Free Report) shares ended the last trading session 9.1% higher at $28.86. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.1% gain over the past four weeks.
CRK saw a strong boost in its stock price yesterday after Wolfe Research upgraded the stock from “Peer Perform” to “Outperform” and raised its price target to $34. The upgrade was driven by a series of positive developments that signal stronger long-term prospects for the company. Wolfe Research pointed to CRK’s continued success in expanding its resource base in the Western Haynesville region. Recent land acquisitions and technical improvements have opened up new drilling opportunities, including deeper formations that now show commercial promise. Recent well results have also been encouraging, suggesting higher resource density and a larger inventory of future drilling sites- key drivers for future growth. Importantly, the analyst team adjusted its valuation approach to place more weight on the value of CRK’s long-term resource base rather than focusing strictly on near-term cash flow. This shift reflects growing confidence in Comstock’s ability to benefit from expected increases in natural gas prices over the next year and a half. The combination of a solid track record, strong well performance and favorable market conditions helped boost investor sentiment and push the stock higher.
This oil and gas company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +180%. Revenues are expected to be $423.99 million, up 71.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Comstock, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CRK going forward to see if this recent jump can turn into more strength down the road.
Comstock is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Viper Energy Partners (VNOM - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $41.73. VNOM has returned 0.2% in the past month.
For Viper Energy, the consensus EPS estimate for the upcoming report has changed +10.5% over the past month to $0.32. This represents a change of -47.5% from what the company reported a year ago. Viper Energy currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Comstock (CRK): Can Its 9.1% Jump Turn into More Strength?
Comstock Resources (CRK - Free Report) shares ended the last trading session 9.1% higher at $28.86. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.1% gain over the past four weeks.
CRK saw a strong boost in its stock price yesterday after Wolfe Research upgraded the stock from “Peer Perform” to “Outperform” and raised its price target to $34. The upgrade was driven by a series of positive developments that signal stronger long-term prospects for the company. Wolfe Research pointed to CRK’s continued success in expanding its resource base in the Western Haynesville region. Recent land acquisitions and technical improvements have opened up new drilling opportunities, including deeper formations that now show commercial promise. Recent well results have also been encouraging, suggesting higher resource density and a larger inventory of future drilling sites- key drivers for future growth. Importantly, the analyst team adjusted its valuation approach to place more weight on the value of CRK’s long-term resource base rather than focusing strictly on near-term cash flow. This shift reflects growing confidence in Comstock’s ability to benefit from expected increases in natural gas prices over the next year and a half. The combination of a solid track record, strong well performance and favorable market conditions helped boost investor sentiment and push the stock higher.
This oil and gas company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +180%. Revenues are expected to be $423.99 million, up 71.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Comstock, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CRK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Comstock is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Viper Energy Partners (VNOM - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $41.73. VNOM has returned 0.2% in the past month.
For Viper Energy, the consensus EPS estimate for the upcoming report has changed +10.5% over the past month to $0.32. This represents a change of -47.5% from what the company reported a year ago. Viper Energy currently has a Zacks Rank of #3 (Hold).