https://investors.comstockresources.com ... rred-stock
Jerry converts his preferred shares into common.
Following the conversion, the Company has 277,507,678 shares of common stock outstanding and no outstanding shares of preferred stock. The Jerry Jones family owns 66% of the outstanding shares.
We will need to adjust the model for the new shares.
Very bullish.
Comstock
Re: Comstock
Could be bullish or he could be posturing to pull off the Harold Hamm go private maneuver. Had this happen on Goodrich a year or so ago in the Haynesville and again recently with Continental. Just when things start looking really good for investors: debt paid off, endless free cash flow on the horizon, etc, etc the insider group makes a tender for the minority shares for current trading price plus 14% premium. So I would caution being too bullish when you have a majority shareholder posturing.
Re: Comstock
Good theory...this is true, but I don't think he will take it private. I think he may sell it if/when the price is right.
Re: Comstock
Jerry might take it private, but it will be at a price much higher than where it is trading today.
Comstock's Q4 results are going to be very good and Q1 results are going to be STUNNING.
Comstock's Q4 results are going to be very good and Q1 results are going to be STUNNING.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Comstock
I think the going formula is 30 day average stock price times 1.14.
Re: Comstock
I don't know why more shares issued is more bullish. We just got diluted.
It has to affect the model lower
The only reason he would convert is if he expects a higher yield on the common than the Pref., so that might mean the dividend may be going up soon
It has to affect the model lower
The only reason he would convert is if he expects a higher yield on the common than the Pref., so that might mean the dividend may be going up soon
Re: Comstock
It is dilutive, but creates more room in the float and the company can buy back shares to offset.
Jones was capped owning the preferred, but now owning the equity he has unlimited upside. It's positive in my view because it sends a message that he believes the equity is worth a lot more. As we move into 2023, all that cashflow they will be making will need to go somewhere and I think that translates into a special dividend of some sort.
Jones was capped owning the preferred, but now owning the equity he has unlimited upside. It's positive in my view because it sends a message that he believes the equity is worth a lot more. As we move into 2023, all that cashflow they will be making will need to go somewhere and I think that translates into a special dividend of some sort.
Re: Comstock
Based on the last earnings call, I believe Management will continue down the conservative route of reducing portions of outstanding debt (their 2029 and 2030 notes) before anything else, and then they would increase their base dividend, which they took great pride in restoring. There was zero discussion about Buy Backs and I personally hope they don't because Jerry isn't selling and retiring shares only makes his portion grow, which increases the likelihood of him taking them private.
Re: Comstock
After December their hedges are just collars with very high ceilings. If HH gas averages $7.00 in Q1, Comstock should generate over $450 million of free cash flow from operations in just the first quarter.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Comstock
Comstock got a death cross today.. very very bad
Death Cross Looms Over Antero Resources Investors
BY Benzinga
— 9:48 AM ET 12/01/2022
If history is any guide, there may be trouble ahead for shares of Antero Resources NYSE:AR. A so-called "death cross" has formed on its chart and, not surprisingly, this could be bearish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The death cross occurs when the 50-day moves below the 200-day. This could mean the long-term trend is changing.
That just happened with Antero Resources, which is trading around $37.18 at publication time.
Now at 35.41, Jerry Jones is pissed!
Death Cross Looms Over Antero Resources Investors
BY Benzinga
— 9:48 AM ET 12/01/2022
If history is any guide, there may be trouble ahead for shares of Antero Resources NYSE:AR. A so-called "death cross" has formed on its chart and, not surprisingly, this could be bearish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The death cross occurs when the 50-day moves below the 200-day. This could mean the long-term trend is changing.
That just happened with Antero Resources, which is trading around $37.18 at publication time.
Now at 35.41, Jerry Jones is pissed!