Comstock Resources
Producer of Haynesville and Bossier natural gas with integrated gathering and treating.
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Profile
Produces and sells natural gas from Haynesville and Bossier shale acreage in Louisiana and Texas, supplemented by third-party gas resale and gathering and treating fees. Nearly all proved reserves are concentrated in those plays, and Jones-controlled entities hold majority voting power.
Explores for, develops and produces natural gas from the Haynesville and Bossier shales in North Louisiana and East Texas, including the deeper Western Haynesville extension. Revenue comes primarily from selling produced gas, alongside third-party gas resale and gathering and treating fees; oil output is immaterial.
Drills long horizontal and horseshoe wells, expands inventory through direct leasing and undeveloped-acreage purchases, and operates nearly all of its proved reserve base. Pinnacle Gas Services supplies pipelines and treating plants for Western Haynesville, with the parent retaining control after selling a minority interest.
Results depend heavily on natural-gas prices and Gulf Coast market access, while drilling, emissions, wastewater, well-plugging and pipeline operations remain subject to federal and state regulation. Jerry Jones-controlled entities own a majority of the shares.
Company facts
Key statistics
Year to date −39.4% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $16 | $15 | |
| Aug 10, 2026 | Mizuho Securities | Target | $29 | $19 | ||
| Jul 10, 2026 | Roth Capital | Upgrade | Sell | Neutral | $12 | $13 |
| Jun 30, 2026 | Goldman Sachs | Reiterate | Sell | $10 | ||
| Jun 29, 2026 | Morgan Stanley | Reiterate | Equal Weight | $18 | $16 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.02 | $0.03 | +62.0% | $419.2M | $353.3M | −15.7% | +0.71% |
| May 5, 2026Q1 FY26 | $0.23 | $0.15 | −34.8% | $554.0M | $587.4M | +6.0% | −13.50% |
| Feb 11, 2026Q4 FY25 | $0.11 | $0.16 | +45.5% | $505.9M | $789.8M | +56.1% | −6.07% |
| Nov 3, 2025Q3 FY25 | $0.04 | $0.09 | +125.0% | $509.6M | $449.9M | −11.7% | +4.26% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $512.9M | $470.3M | $449.9M | $495.4M | $585.5M | $351.7M | |
| Gross profit | $139.4M | $101.7M | $70.8M | $129.8M | $200.6M | $42.6M | |
| Operating income | $126.2M | $89.4M | $52.7M | $114.7M | $173.1M | $21.0M | |
| Net income | −$121.3M | $124.8M | $111.1M | $305.5M | $107.5M | $8.8M | |
| Diluted EPS | −$0.42 | $0.42 | $0.38 | $0.95 | $0.38 | $0.03 | |
| Gross margin | 27.2% | 21.6% | 15.7% | 26.2% | 34.3% | 12.1% | |
| Operating margin | 24.6% | 19.0% | 11.7% | 23.1% | 29.6% | 6.0% |
Fiscal years (4-quarter sums)FY21 $1.85B · FY22 $3.58B · FY23 $1.57B · FY24 $1.25B · FY25 $1.93B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $45.0M · Total debt $3.17B · Total assets $7.52B · Shareholders' equity $2.58B
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Nov 30, 2023 | Dec 1 | Dec 15 | $0.125 | |
| Aug 31, 2023 | Sep 1 | Sep 15 | $0.125 | |
| May 31, 2023 | Jun 1 | Jun 15 | $0.125 | |
| Feb 28, 2023 | Mar 1 | Mar 15 | $0.125 | |
| Nov 30, 2022 | Dec 1 | Dec 15 | $0.125 |
Ownership
Shares outstanding 293.70M · Float 78.58M · 26.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Key Group Long Term Investments LP | 15.04M | 5.10% | 13G | Dec 3, 2025 |
| BlackRock, Inc. | 11.84M | 4.03% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 11.68M | 3.98% | 13F | Aug 11, 2026 |
| State Street Corp | 5.34M | 1.82% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.78M | 1.63% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 5, 2026 | Patrick McGough | officer: Vice President of Operations | −48,915 | $21.21 |
Peers
- Expand Energy
Direct Haynesville gas rival with unmatched US gas scale
- EQT
Appalachian gas scale and integrated midstream benchmark
- Antero Resources
Appalachia gas and NGL producer with marketing reach
- Range Resources
Marcellus gas and NGL peer in US supply markets
- CNX Resources
Appalachian gas peer with midstream and low-carbon focus
- Gulfport Energy
Smaller gas-weighted peer in Utica/Marcellus and SCOOP
- BKV
Gas, power, and CCUS peer with direct project adjacency
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Comstock Resources | $14.40 | +0.73% | $4.20B | 8.2 | 32.8 | 2.2 | −24.9% |
| Expand Energy | $98.16 | 0.00% | $22.72B | 8.5 | 12.2 | 1.7 | −19.8% |
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| CNX Resources | $36.42 | +0.64% | $5.36B | 6.0 | 10.8 | 2.2 | −35.7% |
| Gulfport Energy | $176.37 | +0.01% | $3.17B | 7.1 | 7.0 | 2.1 | +3.8% |
| BKV | $24.23 | +0.08% | $2.65B | 8.8 | 15.7 | 2.1 | +127.9% |
| Median | 8.8 | 11.3 | 2.1 | +3.8% |