Overview

* Comstock Resources ( CRK ) Q2 adjusted EPS beats analyst expectations

* Higher natural gas prices drive improved Q2 financial results

* The US-based independent energy company turned five Western Haynesville wells to sales, boosting production

Result Drivers

* HIGHER GAS PRICES - Increased natural gas prices drove improved financial results

* WESTERN HAYNESVILLE WELLS - Five wells turned to sales with high initial production rates

* HEDGING GAINS - Realized hedging gains contributed to increased sales revenue

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Oil & $344 mln

Gas

Sales

Q2 Beat $0.13 $0.09

Adjusted (14

EPS Analysts

)

Q2 $40 mln

Adjusted

Net

Income

Q2 $260 mln

Adjusted

EBITDAX

Q2 $210 mln

Operatin

g Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 10 "hold" and 3 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

* Wall Street's median 12-month price target for Comstock Resources Inc ( CRK ) is $23.00, about 8.6% above its July 29 closing price of $21.03

* The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 26 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)