Comstock Resources: Exiting The East Texas Eagle Ford
Richard Zeits • 22 Comments
Richard Zeits • 22 Comments
Comstock Resources: Shifting Operating Priorities
Tue, Mar. 8, 9:17 AM
- Gainers: SUNE +29%. LEU +24%. OMER +14%. BNTC +12%. TERP +11%. URBN +8%. ORIG +7%. SOL +6%. BCRX +5%.
- Losers: PSG -35%. EMITF -18%. OCLR -15%. REXX -14%. EPE -11%. FBR -11%. CRK -10%. LINE -10%. SHAK -9%. VNR -8%. SDRL -8%. BCEI -7%. LNCO -7%. RIO -7%. CRC -7%. BHP -6%. VSLR -6%. BTU -6%. JBLU -6%. ARP -6%. TSEM -6%. DNR -6%. BBL -6%. MT -5%. VALE -5%.
Thu, Mar. 3, 3:57 PM
- Comstock Resources (CRK +4.2%) is higher despite a downgrade to In-line from Outperform with a $0.75 price target, cut from $1.50, at Imperial Capital.
- With natural gas prices falling precipitously in the last month - the front month contract has declined $0.50 to about $1.70/mcf since Feb. 8 - the firm believes the short-term macro outlook will severely impact CRK's liquidity.
- With CRK essentially un-hedged and with capital markets likely closed to the company, Imperial believes CRK may need to commit to either a Haynesville JV or divest assets just to survive until a positive environment for natural gas pricing starts to materialize.
Tue, Jan. 26, 12:45 PM
Mon, Jan. 25, 12:41 PM
Dec. 10, 2015, 11:48 AM
- The oil price slump has created dozens of oil and gas "zombies," a term used to describe companies that have just enough money to pay interest on high debt levels but not enough to drill enough new wells to replace older ones that are drying out.
- Some two dozen oil and gas companies whose debt Moody's rates at BBB- or lower broadly fit the description; a Reuters report mentions SandRidge Energy (SD +2.4%), Comstock Resources (CRK -1.9%) and Goodrich Petroleum (GDP +5.4%) as some of the group's more prominent members.
- "SandRidge is an example where they have enough cash on the balance sheet to service debt for next three years and likely can't grow their assets in this price environment," says Carlyle Group's Michael Roberts.
- CapitalOne projects GDP will hit a liquidity shortfall by the end of 2017, and analysts at Baird have said CRK's oil reserves are worth less than the debt it owes.
Oct. 19, 2015, 3:25 PM
- Carrizo Oil & Gas (CRZO -4.2%), Comstock Resources (CRK -4.6%), Synergy Resources (SYRG -1.6%), Callon Petroleum (CPE -6.5%), Gastar Exploration (GST -5.9%) and Goodrich Petroleum (GDP +0.1%) are mostly lower despite getting praise from a Barron's weekend article as "six small oil explorers that should do well."
- Imperial Capital considers CRZO, CRK, SYRG and CPE as its favorite low-risk, small-cap E&P companies based on liquidity risk, quality of properties and quality of operatorship; in addition, Abraxas Petroleum (AXAS -7.5%), Jones Energy (JONE -4%) and PetroQuest (PQ -6.1%) are well positioned purely from a liquidity standpoint.
- Imperial says GDP, in the firm's high-risk group, shows the most improvement at maintenance capex because Haynesville Shale wells are expected to come online at such high rates; it places GST high in its medium-risk group.
Sep. 16, 2015, 9:12 AM
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Jul. 27, 2015, 12:48 PM
Jul. 24, 2015, 5:31 PM
- Signet Jewlers (NYSE:SIG) is replacing DirecTV (just acquired by AT&T) in the S&P 500 after Tuesday's close. Parexel (NASDAQ:PRXL) is taking Signet's spot in the S&P MidCap 400, and Enanta Pharma (NASDAQ:ENTA) is taking Parexel's spot in the S&P SmallCap 600.
- Also: Catalent (NYSE:CTLT) is replacing JDS Uniphase (JDSU - about to carry out a spinoff) in the S&P 400 after the July 31 close. What's left of JDSU (to be known as Viavi) will replace Susquehanna Bancshares (about to be acquired) in the S&P 600, while its Lumentum Holdings spinoff will replace Comstock Resources (NYSE:CRK) in the 600.
- SIG +2.5% AH. PRXL +0.7%. ENTA +4%. CTLT +3%.
Comstock Resources, Inc. engages in the acquisition, development, production and exploration of oil and natural gas properties. The company's oil and natural gas operations are focuses in three primary operating areas: the East Texas, North Louisiana, South Texas and West Texas regions. Comstock... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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