Comstock reported a first quarter loss but Q2 will include a big gain on the sale of their West Texas assets, about $250 million gain. They are ramping up production in the Eagle Ford, so I expect this to be the last quarter with a reported loss.
I am working on the forecast model and should have it posted under the Watch List Tab late today.
Comstock Resources (CRK)
Comstock Resources (CRK)
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Comstock Resources (CRK)
Comstock Resources (CRK): An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab. CRK is in our Small-Cap Growth Portfolio. You can find my adjusted Fair Value Estimate at the bottom of the forecast model.
CRK is going to report a $250 million gain on the sale of their West Texas assets to ROSE in the 2nd quarter. The deal should close in a couple weeks. CRK will have a much improved balance sheet, including $325 million in cash on the balance sheet, after the sale.
First Call's Price Target is $21.32 and my Fair Value Estimate is much higher.
CRK should generate over $6.00/share of cash flow from continuing operations this year and over $8.00 CFPS in 2014. Most of their oil for 2013 is hedged with SWAPS tied to WTI at $98.69/bbl and none of their natural gas is hedged. If gas prices drift higher, it will do wonders for this one.
CRK is going to report a $250 million gain on the sale of their West Texas assets to ROSE in the 2nd quarter. The deal should close in a couple weeks. CRK will have a much improved balance sheet, including $325 million in cash on the balance sheet, after the sale.
First Call's Price Target is $21.32 and my Fair Value Estimate is much higher.
CRK should generate over $6.00/share of cash flow from continuing operations this year and over $8.00 CFPS in 2014. Most of their oil for 2013 is hedged with SWAPS tied to WTI at $98.69/bbl and none of their natural gas is hedged. If gas prices drift higher, it will do wonders for this one.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Comstock Resources (CRK)
Comstock Resources (CRK): An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab. CRK is in our Small-Cap Growth Portfolio. You can find my adjusted Fair Value Estimate at the bottom of the forecast model.
CRK is going to report a $250 million gain on the sale of their West Texas assets to ROSE in the 2nd quarter. The deal should close in a couple weeks. CRK will have a much improved balance sheet, including $325 million in cash on the balance sheet, after the sale.
First Call's Price Target is $21.32 and my Fair Value Estimate is much higher.
CRK should generate over $6.00/share of cash flow from continuing operations this year and over $8.00 CFPS in 2014. Most of their oil for 2013 is hedged with SWAPS tied to WTI at $98.69/bbl and none of their natural gas is hedged. If gas prices drift higher, it will do wonders for this one.
CRK is going to report a $250 million gain on the sale of their West Texas assets to ROSE in the 2nd quarter. The deal should close in a couple weeks. CRK will have a much improved balance sheet, including $325 million in cash on the balance sheet, after the sale.
First Call's Price Target is $21.32 and my Fair Value Estimate is much higher.
CRK should generate over $6.00/share of cash flow from continuing operations this year and over $8.00 CFPS in 2014. Most of their oil for 2013 is hedged with SWAPS tied to WTI at $98.69/bbl and none of their natural gas is hedged. If gas prices drift higher, it will do wonders for this one.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group