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Why Is Comstock (CRK) Up 8.3% Since Last Earnings Report?
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A month has gone by since the last earnings report for Comstock Resources (CRK - Free Report) . Shares have added about 8.3% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Comstock due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Comstock Resources, Inc. before we dive into how investors and analysts have reacted as of late.
Comstock Resources reported fourth-quarter 2025 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 11 cents. The bottom line remained flat year over year.
Total quarterly revenues of $789.8 million topped the Zacks Consensus Estimate of $467.9 million. The top line also increased from the prior-year figure of $366.5 million.
The strong quarterly results can be attributed to higher average natural gas price realizations.
Operational Performance
Total production averaged 111,257 million cubic feet equivalent (MMcfe), lower than the year-ago quarter’s level of 124,185 MMcfe. Natural gas production declined to 111,239 million cubic feet (MMcf) from 124,128 MMcf a year ago.
Average natural gas price realization (before hedging) came in at $3.29 per thousand cubic feet (Mcf), up from $2.32 per Mcf in the prior-year quarter. Total price realization (before hedging) averaged $3.30 per thousand cubic feet equivalent (Mcfe) compared with $2.32 per Mcfe in the fourth quarter of 2024.
Costs & Expenses
Total production costs amounted to 77 cents per Mcfe and improved from the prior year’s figure of 72 cents per Mcfe. Lease operating expenses remained flat at 25 cents compared with the year-ago period. Gathering and transportation expenses increased to 38 cents from 36 cents per Mcfe in the corresponding period of 2024.
Total operating expenses in the quarter came in at $409.8 million, higher than $368.4 million reported a year ago. Gas services expenses rose to $131.1 million from $72.6 million in the fourth quarter of 2024.
Balance Sheet
As of Dec. 31, 2025, Comstock Resources reported a long-term debt of $2.8 billion. The company had cash and cash equivalents of $23.9 million as of the same date.
Financials
Total exploration and development capital expenditures in the fourth quarter amounted to $269.8 million. Operating cash flow came in at $222.3 million for the fourth quarter.
Outlook
Comstock Resources expects total production in the first quarter of 2026 to be in the range of 1,075-1,150 million cubic feet equivalent per day (MMcfe/d) and total capital spending to be in the range of $275 million-$325 million. Lease operating expenses are expected to be between 25 cents and 29 cents per Mcfe, while gathering and transportation expenses are projected at 34 cents to 40 cents per Mcfe, and production and other taxes are anticipated to be between 18 cents and 22 cents per Mcfe for the first quarter of 2026.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, Comstock has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, Comstock has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Comstock belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, CNX Resources Corporation. (CNX - Free Report) , has gained 4.7% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.
CNX Resources reported revenues of $419 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.68 for the same period compares with $0.57 a year ago.
For the current quarter, CNX Resources is expected to post earnings of $0.58 per share, indicating a change of -25.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for CNX Resources. Also, the stock has a VGM Score of B.
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Why Is Comstock (CRK) Up 8.3% Since Last Earnings Report?
A month has gone by since the last earnings report for Comstock Resources (CRK - Free Report) . Shares have added about 8.3% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Comstock due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Comstock Resources, Inc. before we dive into how investors and analysts have reacted as of late.
Comstock Q4 Earnings Beat Estimates, Revenues Increase Y/Y
Comstock Resources reported fourth-quarter 2025 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 11 cents. The bottom line remained flat year over year.
Total quarterly revenues of $789.8 million topped the Zacks Consensus Estimate of $467.9 million. The top line also increased from the prior-year figure of $366.5 million.
The strong quarterly results can be attributed to higher average natural gas price realizations.
Operational Performance
Total production averaged 111,257 million cubic feet equivalent (MMcfe), lower than the year-ago quarter’s level of 124,185 MMcfe. Natural gas production declined to 111,239 million cubic feet (MMcf) from 124,128 MMcf a year ago.
Average natural gas price realization (before hedging) came in at $3.29 per thousand cubic feet (Mcf), up from $2.32 per Mcf in the prior-year quarter. Total price realization (before hedging) averaged $3.30 per thousand cubic feet equivalent (Mcfe) compared with $2.32 per Mcfe in the fourth quarter of 2024.
Costs & Expenses
Total production costs amounted to 77 cents per Mcfe and improved from the prior year’s figure of 72 cents per Mcfe. Lease operating expenses remained flat at 25 cents compared with the year-ago period. Gathering and transportation expenses increased to 38 cents from 36 cents per Mcfe in the corresponding period of 2024.
Total operating expenses in the quarter came in at $409.8 million, higher than $368.4 million reported a year ago. Gas services expenses rose to $131.1 million from $72.6 million in the fourth quarter of 2024.
Balance Sheet
As of Dec. 31, 2025, Comstock Resources reported a long-term debt of $2.8 billion. The company had cash and cash equivalents of $23.9 million as of the same date.
Financials
Total exploration and development capital expenditures in the fourth quarter amounted to $269.8 million. Operating cash flow came in at $222.3 million for the fourth quarter.
Outlook
Comstock Resources expects total production in the first quarter of 2026 to be in the range of 1,075-1,150 million cubic feet equivalent per day (MMcfe/d) and total capital spending to be in the range of $275 million-$325 million. Lease operating expenses are expected to be between 25 cents and 29 cents per Mcfe, while gathering and transportation expenses are projected at 34 cents to 40 cents per Mcfe, and production and other taxes are anticipated to be between 18 cents and 22 cents per Mcfe for the first quarter of 2026.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, Comstock has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, Comstock has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Comstock belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, CNX Resources Corporation. (CNX - Free Report) , has gained 4.7% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.
CNX Resources reported revenues of $419 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.68 for the same period compares with $0.57 a year ago.
For the current quarter, CNX Resources is expected to post earnings of $0.58 per share, indicating a change of -25.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for CNX Resources. Also, the stock has a VGM Score of B.