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CRK · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Comstock Resources, Inc. (CRK) stock moving?
Comstock reported Q3 2026 results on Nov 4 that missed estimates: adjusted EPS was $0.02 against $0.04 expected, and sales were $384.4M against $424.4M. Operationally the quarter was solid, with production up 9% year over year to 122.4 Bcfe, 8% above Q2, and strong new Haynesville wells. The balance sheet story also improved: the $1.65B SOCAR agreement for Haynesville stakes and Pinnacle Gas Services is expected to substantially strengthen the balance sheet, the $450M Jerry Jones Haynesville venture is expected to generate free cash flow in Q4, and the bank facility maturity was extended to Nov 15, 2028, moving to Nov 15, 2031 after the SOCAR deal closes. Against this, Truist kept a Hold rating and cut its price target to $15. The price fell from about $14.72 on Oct 30 to $13.32 on Nov 5 on elevated volume of 4.2M to 4.3M shares, then rebounded to $14.42 on Nov 10 on 3.3M shares, a 4.7% gain. That rebound is not tied to a new headline in the news provided. The SOCAR closing and the Q4 free cash flow are still ahead, so the outlook depends on those events.
News behind the analysis
- Truist Securities Reiterates Hold on Comstock Resources, Lowers Price Target to $15Truist kept its Hold rating on Comstock and cut its price target to $15. The stock closed at $14.42 on Nov 10, close to that target.
- Comstock Resources Q3 2026 Earnings Call TranscriptManagement discussed third-quarter 2026 results, production growth from the Haynesville drilling program, and balance sheet plans. The transcript is a full record of the call.
- Comstock Resources Reports Third Quarter 2026 Financial ResultsAdjusted earnings and revenue fell in Q3 2026, while production grew 9% year over year to 122.4 Bcfe. Net income was $22M, or $0.08 per diluted share.
- Reported Earlier, SOCAR Signs Definitive Agreement To Acquire Stakes In Comstock's Haynesville Assets And Pinnacle Gas Services For $1.65B CashSOCAR agreed to buy stakes in Comstock's Haynesville assets and Pinnacle Gas Services for $1.65B in cash. Management says the deal will substantially strengthen the balance sheet.
- Reported Earlier, Comstock Resources Q3 Adj. EPS $0.02 Misses $0.04 Estimate, Sales $384.363M Miss $424.364M EstimateComstock's Q3 2026 adjusted EPS of $0.02 missed the $0.04 estimate, and sales of $384.363M fell short of the $424.364M estimate. The shares fell to $13.32 by Nov 5.
About Comstock Resources, Inc.
Comstock Resources is a natural gas producer based in Frisco, Texas, focused on the Haynesville shale in East Texas and North Louisiana, including its newer Western Haynesville area. It is majority-owned by Dallas Cowboys owner Jerry Jones, sits close to Gulf Coast LNG export terminals, and in 2026 agreed a roughly $1.65 billion cash deal to sell parts of its upstream and gas-services interests to Azerbaijan's state energy company SOCAR.
How it makes money
Almost all of its revenue comes from selling the natural gas it produces, with only a small amount from oil. It also has some gas gathering and midstream operations. In Q3 2026 it produced about 122 Bcfe (billion cubic feet equivalent) and got about $2.61 per Mcfe before hedges, or about $2.94 after. That means its results swing closely with US natural gas prices, softened somewhat by its hedging contracts.
What usually moves CRK
- Henry Hub natural gas prices
- LNG export demand on the Gulf Coast
- Haynesville drilling results and costs
- Debt levels and asset-sale proceeds (SOCAR deal)
- Weather-driven gas demand and storage levels