from seeking alpha----
Today at 4:26 PM
Comstock Resources beats by $0.01, beats on revenue • 5:25 PM
•Comstock Resources (NYSE:CRK): Q2 EPS of $0.12 beats by $0.01.
•Revenue of $155.7M (+44.3% Y/Y) beats by $6.15M.
PR here---
http://www.sec.gov/Archives/edgar/data/ ... t1aug4.htm
CRK reports
Re: CRK reports
Operating cash flow (before changes in working capital accounts) increased 63% to $107.5 million for the second quarter of 2014 as compared with operating cash flow from continuing operations of $66.0 million for the second quarter of 2013.
Oil production came in 1,000 bbls per day above my forecast.
Oil production came in 1,000 bbls per day above my forecast.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: CRK reports
An updated forecast model for CRK has been posted under the Watch List Tab.
My Fair Value Estimate has increased $3.15 to $40.15/share. A strong year-end reserve report can easily take my valuation for CRK over $50/share. The key is their rapidly increasing oil production.
First Call's Price Target is $28.87, but I think it will be going up after the analysts listen to the CC. CRK is going to more than double their oil production this year. If my SWAG that natural gas prices will ramp up into year-end is correct, this puppy has a lot of upside for us between now and Christmas.
My Fair Value Estimate has increased $3.15 to $40.15/share. A strong year-end reserve report can easily take my valuation for CRK over $50/share. The key is their rapidly increasing oil production.
First Call's Price Target is $28.87, but I think it will be going up after the analysts listen to the CC. CRK is going to more than double their oil production this year. If my SWAG that natural gas prices will ramp up into year-end is correct, this puppy has a lot of upside for us between now and Christmas.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: CRK reports
Stifel rates CRK a "BUY" with a price target of $33.
"Investment summary. Monday after the close, CRK reported a CF beat on an
oilier production mix, improved IP rates for the most recent batch of South Texas
Eagle Ford wells relative to the company's last update, and reaffirmed its 2014
production and capex guidance. No new well results were released for CRK's East
Texas Eagle Ford drilling. Our thesis on CRK remains that as additional wells are
drilled in East Texas Eagle Ford its oil inventory concerns will reduce, allowing the
4.1x 2015 EBITDA multiple to expand, and believe that at the same time, the TMS
provides meaningful additional upside oil-weighted optionality. The recent pullback
in the stock to oversold conditions provides a good entry point, given that there is
not much downside risk to natural gas prices from these levels."
"Investment summary. Monday after the close, CRK reported a CF beat on an
oilier production mix, improved IP rates for the most recent batch of South Texas
Eagle Ford wells relative to the company's last update, and reaffirmed its 2014
production and capex guidance. No new well results were released for CRK's East
Texas Eagle Ford drilling. Our thesis on CRK remains that as additional wells are
drilled in East Texas Eagle Ford its oil inventory concerns will reduce, allowing the
4.1x 2015 EBITDA multiple to expand, and believe that at the same time, the TMS
provides meaningful additional upside oil-weighted optionality. The recent pullback
in the stock to oversold conditions provides a good entry point, given that there is
not much downside risk to natural gas prices from these levels."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group