As of the afternoon of December 11, 2025, Comstock Resources, Inc. (NYSE: CRK) is trading around $21.6 per share, down roughly 6% on the day and about 9.8% over the past week, though the stock remains just over 40% higher than it was a year ago. [1] Within its 52‑week range of roughly $14.65 to $31.17, CRK now sits about 30% below its high but nearly 48% above its low, underlining how sharp this week’s reversal has been. [2]
The pullback comes even as fresh research from Zacks highlights Comstock as one of three natural‑gas stocks poised to benefit from a forecast rebound in gas prices in 2025 and 2026, and as NextEra Energy positions the company as a key fuel supplier to new gas‑fired plants serving data‑centre hubs in Texas. [3]
This article rounds up the main Comstock Resources news, forecasts and analysis around December 11, 2025 (11.12.2025), and explores what the latest developments may mean for CRK shareholders and prospective investors.
Where Comstock Resources stock stands after this week’s sell‑off
On Monday, December 8, CRK dropped 6.2% to about $25.7 after closing the prior session at $27.37, with trading volume roughly 21% below its recent average, according to MarketBeat. [4] The same report flagged that the stock was already trading on an elevated trailing price‑to‑earnings (P/E) multiple near 99 and a debt‑to‑equity ratio around 1.2, leaving limited room for negative surprises. [5]
Selling pressure has intensified since then. By December 11, CRK had slid to roughly $21.6, meaning the shares have fallen about 21% from Monday’s level in just a few sessions. [6] TradingView data show the stock down about 9.8% over the past week but still up more than 40% year‑on‑year. [7]
Stock‑screening work from InsiderMonkey places Comstock among the energy names with the steepest price drops in the week leading up to December 11, underscoring how quickly traders have been locking in profits after the autumn rally. [8]
Technical‑analysis platform Intellectia notes that CRK’s price has declined in five of the last ten trading days, producing a cumulative slide of just over 8%, accompanied by higher turnover — historically a sign that near‑term risk may be increasing. [9] While Intellectia’s model currently shows six bullish and three bearish technical signals and characterises the medium‑term trend as broadly constructive, it also points to a short‑sale ratio near 20%, a relatively high level that reflects elevated short interest in the name. [10]
TradingView’s own indicator suite labels the very short‑term technical picture as “sell,” even though its one‑month rating for CRK is “buy,” highlighting the split between short‑horizon traders and those looking further out. [11]
Fresh December 11 coverage: bullish on gas, spotlight on Comstock
Early on December 11, Zacks Investment Research published a note arguing that natural‑gas‑linked equities such as Williams (WMB), Antero Resources (AR) and Comstock Resources are well placed to benefit from an improving gas‑price environment in 2025–2026. [12]
Drawing on the U.S. Energy Information Administration’s (EIA) latest Short‑Term Energy Outlook, Zacks highlights that the agency now expects benchmark Henry Hub gas prices to average about $3.56 per million BTU in 2025 and roughly $4.01 in 2026, up sharply from around $2.19 in 2024. [13] Higher expected prices, combined with rising liquefied natural gas (LNG) exports and growing power demand, lead the report to argue that upstream gas producers and gas transporters could be entering a more favourable phase of the cycle. [14]
Within that peer group, Zacks points to Comstock as a Haynesville‑focused upstream producer that returned to profitability in Q3 2025, moving from a loss in the prior‑year quarter to roughly $28 million in adjusted net income. [15]
A separate “Company News for Dec 11, 2025” summary, also from Zacks and republished by Yahoo Finance, notes CRK’s drop to about $21.6 — a daily loss of roughly 6.4% — and frames the move as part of a broader pullback in gas stocks despite the more constructive medium‑term outlook. [16]
At the infrastructure level, Utility Dive this week highlighted NextEra Energy Resources’ ambition to build 15–30 GW of “data centre power supply hubs” by 2035. As part of that plan, NextEra’s unregulated unit has partnered with Comstock Resources to develop up to roughly 8 GW of gas‑fired generation in Central Texas aimed at serving hyperscale data‑centre customers. [17] If realised, this arrangement would effectively position Comstock as a cornerstone fuel supplier to a cluster of AI‑ and cloud‑driven power projects — a powerful narrative for long‑term gas bulls. [18]
Fundamentals: Q3 2025 earnings and Haynesville strategy
Comstock’s latest reported quarter, Q3 2025, goes a long way toward explaining why the stock rallied strongly into early December before this week’s correction.
In results presented on November 4, the company reported natural‑gas and oil sales of about $335 million including hedge gains, a significant improvement versus the same period in 2024, despite lower production volumes. [19] Total revenue reached roughly $449.9 million, beating consensus forecasts in the low‑$420 million range, while adjusted earnings per share (EPS) of $0.09 topped expectations of around $0.05–$0.08. [20]
The company’s Q3 slide deck and related analysis attribute much of the turnaround to improved gas price realisations, with realised prices around $2.75 per thousand cubic feet in Q3 2025 versus approximately $1.90 a year earlier. [21] Combined with a still‑lean cost structure, that pushed EBITDAX margins to roughly 77%, placing Comstock near the top of the gas‑weighted exploration‑and‑production (E&P) peer group on operating profitability. [22]
There is, however, a clear volume trade‑off. Independent reviews of the slide deck note that Q3 production landed below the midpoint of prior guidance and remains roughly 20% under peak levels reached in late 2023, even after nearly $1 billion in recent capital spending. [23] Those analysts argue that while higher prices and hedging have repaired the income statement, investors will eventually want evidence that Comstock can grow volumes sustainably rather than relying primarily on commodity tailwinds. [24]
Divestitures, horseshoe wells and Western Haynesville expansion
To sharpen its focus on core assets and bolster the balance sheet, Comstock has been selling non‑core properties. In Q3 2025 the company completed the sale of legacy Cotton Valley wells in East Texas and North Louisiana for about $15 million and agreed to sell its Shelby Trough assets in East Texas for $430 million, with closing expected in December 2025. [25]
Post‑transaction, management expects available liquidity to exceed $900 million, supported by a $1.5 billion secured revolver with a $2 billion borrowing base, against total debt of roughly $3.17 billion and common equity of about $2.6 billion as of September 30, 2025. [26]
On the operations side, Comstock is leaning into longer‑lateral designs and so‑called “horseshoe” wells that effectively replace four shorter laterals with two 2‑mile wells. In Q3 the company highlighted a horseshoe well in its Legacy Haynesville position with an approximately 11,450‑foot lateral, drilled and completed at around $1,329 per lateral foot and delivering an initial production (IP) rate near 26 million cubic feet per day — a combination that implies meaningful capital‑efficiency gains. [27]
Across its Legacy Haynesville acreage, Comstock turned 28 wells to sales in Q3 with average laterals just under 12,000 feet and IP rates around 25 million cubic feet per day, while three Western Haynesville wells averaged about 32 million cubic feet per day. [28] The Western Haynesville play in particular has become central to the long‑term story: recent reporting notes that majority shareholder Jerry Jones sees the area as a potential $100‑billion gas opportunity and has backed an aggressive drilling program despite high costs. [29]
For Q4 2025, Comstock has guided to production between 1,200 and 1,300 million cubic feet equivalent per day, with drilling and completion spending of roughly $250–300 million and a four‑rig program expected to drill 33 wells and bring 35 wells to sales for the year. [30]
Business profile: a leveraged bet on Haynesville gas
Comstock is, in essence, a concentrated bet on U.S. natural gas. The company holds roughly 1.1 million gross acres (about 819,000 net) primarily in the Haynesville and Bossier shales in North Louisiana and East Texas, and its production mix is overwhelmingly weighted toward dry gas. [31]
That acreage sits close to Gulf Coast LNG export terminals and major industrial demand centres, a geographic advantage that has grown more important as U.S. LNG capacity expands and gas demand is projected to hit record levels in 2025–2026. [32]
A Financial Times and Reuters profile notes that Comstock is one of the key Haynesville producers benefiting from this proximity to export facilities, while also facing above‑average drilling costs due to the depth and pressure of its wells. [33]
Dallas Cowboys owner Jerry Jones now controls roughly 70% of Comstock’s equity after investing more than $1 billion into the company over the past several years, and has endorsed a strategy of reinvesting most cash flow to build out the Western Haynesville position rather than maximising near‑term shareholder distributions. [34]
How Wall Street values CRK after the pullback
Despite the compelling long‑term narrative, Wall Street’s view of Comstock is mixed.
MarketBeat’s latest compilation shows that across eleven covering analysts, CRK carries an average rating of “Reduce,” with two Buy, six Hold and three Sell recommendations, and a consensus 12‑month price target around $19.60. [35]
Other aggregators offer a similar, slightly less cautious picture. Investing.com, using data from fourteen analysts, reports an average target of roughly $20.4 per share, with a range from $8 on the low end to $32 on the high end and an overall “Neutral” stance. [36] ValueInvesting.io places the mean target close to $20.75 and likewise labels the consensus as “Hold.” [37]
StockAnalysis.com’s forecast tables suggest revenue rising about 55% this year to approximately $1.94 billion and a further 18% in 2026, while EPS is projected to improve from a loss in 2024 to about $0.49 in 2025 and $0.92 in 2026. [38] On those forward estimates, CRK’s valuation sits near 23–24 times expected 2026 earnings at current prices — a noticeable premium to many larger gas‑weighted peers. [39]
On trailing numbers, the stock looks more expensive still. MarketBeat’s snapshot earlier this week put Comstock’s trailing P/E near 99, reflecting compressed earnings versus the share price, and its debt‑to‑equity ratio around 1.19. [40] Macrotrends, using a different earnings basis, estimates a trailing P/E closer to 44, but in either case the stock does not screen as cheap on historical metrics. [41]
There are, however, notable bulls. Research firm Clear Street recently lifted its price target on CRK from $26 to $29 and reiterated a Buy rating, arguing that the stock’s roughly 50% rally in the six weeks before this week’s sell‑off was supported by strong Western Haynesville well data, a roughly 12% rise in gas prices since late October and Comstock’s near‑100% exposure to dry gas, which makes it a focused vehicle for investors seeking natural‑gas leverage. [42]
Short‑term trading models: mixed signals with modest upside bias
Short‑horizon, quantitative forecasting tools paint a nuanced picture of CRK’s prospects over the next few days and months.
StockInvest.us currently labels Comstock a “Buy candidate,” despite flagging that several near‑term indicators are negative. The service argues that while the shares are closer to resistance from accumulated volume around $24.80 than to support near $20.05 — making intraday risk/reward less attractive — today’s level could yield a higher price over its three‑month forecasting window. [43] It estimated a “fair” opening price for December 11 at about $23.59, only modestly above recent trading levels. [44]
CoinCodex, which combines moving averages and momentum signals, currently classifies sentiment on CRK as slightly bearish, with 12 bullish and 14 bearish indicators. Its model, based on data updated on December 11, projects the stock at roughly $23.1 tomorrow (a gain of about 6.8% from current levels) and about $23.6 over the coming week, while its one‑year algorithmic target stands near $39.8. [45] For 2030, CoinCodex assigns a very wide possible range between approximately $41 and $83 per share, underlining how sensitive long‑dated forecasts are to underlying assumptions. [46]
Intellectia’s AI‑driven model, updated this week, shows CRK in a consolidation phase that began in early December, with a cumulative price change of about –21% over that stretch. It records six bullish and three bearish technical signals, a short‑sale ratio near 20% as of December 9 and a one‑month pattern‑recognition forecast that points to a modest downside risk of just over 3% from present levels. [47]
None of these tools should be treated as a crystal ball, but together they suggest that while volatility is high and short‑term sentiment is fragile, quantitative models lean toward slightly higher prices over the next several weeks rather than a continued free‑fall.
Macro backdrop: ‘golden age’ narratives vs gas‑market reality
Comstock Resources stock trades within a wider debate about the future of natural gas in North America.
EIA projections now point to materially higher Henry Hub prices in 2025 and 2026 than in 2024, largely because of growing LNG exports and rising domestic gas usage for power, industry and data centres. [48] Reuters reporting this spring described a renewed rush into the Haynesville basin by producers and private‑equity firms following the lifting of a moratorium on new LNG projects, noting that the basin’s proximity to Gulf Coast terminals and its relatively clean gas make it strategically important in a more export‑oriented system. [49]
Utility Dive, meanwhile, has highlighted that NextEra Energy Resources alone is planning up to 30 GW of data‑centre‑linked power hubs — many gas‑fired — and has already teamed up with Comstock on up to 8 GW of such capacity in Central Texas, all while acknowledging that new gas plants remain capital‑intensive and face regulatory and climate‑policy risk. [50]
Some investor‑focused outlets have dubbed this combination of LNG growth, AI‑driven power demand and relatively low current gas prices a potential new “golden age” for natural gas. But as Q3 commentary around Comstock’s results makes clear, the benefits accrue unevenly: operators with low costs, strong balance sheets and disciplined hedging — traits Comstock is working toward but has not fully achieved — are best placed to thrive, while highly leveraged, high‑cost producers remain vulnerable to another down‑cycle. [51]
Key risks for Comstock Resources stock
Recent analysis across multiple sources emphasises several key risk factors for CRK investors:
- Commodity‑price and basis risk. Despite a sizeable hedge book for 2025–2026, Comstock’s cash flows remain highly sensitive to Henry Hub prices and to regional price differentials in the Gulf Coast market. [52]
- Production and execution risk. Independent reviews highlight that output has trended below prior peaks and, in the near term, has undershot earlier guidance, raising the bar for management to prove that its capital‑intensive Western Haynesville and horseshoe‑well strategy can deliver durable growth. [53]
- Leverage and refinancing. With total debt slightly above $3.1 billion and a debt‑to‑equity ratio around 1.2, Comstock remains more leveraged than many peers. Liquidity north of $900 million and asset sales provide breathing room, but the company is still exposed to interest‑rate and refinancing risk. [54]
- Valuation compression. Consensus 12‑month price targets cluster around $20–21, below the current share price, and several brokers maintain Sell or Underweight ratings on the view that CRK’s multiples already bake in optimistic assumptions about gas prices and drilling returns. [55]
Investors also need to weigh policy and environmental risk around new gas‑fired plants and LNG export facilities, which could become more acute if regulatory attitudes or climate‑policy frameworks shift over the coming decade. [56]
Bottom line: high‑beta gas pure play at an inflection point
Comstock Resources enters the end of 2025 as one of the most leveraged pure plays on U.S. natural gas, with a large, gas‑weighted footprint in the Haynesville and Bossier shales, a growing Western Haynesville position and an emerging role as a fuel supplier to AI‑era data‑centre power projects. [57]
The latest quarter showed that higher gas prices and operational efficiency can restore profitability quickly, and consensus forecasts call for sizable increases in revenue and EPS over the next two years. [58] At the same time, the December sell‑off, elevated valuation metrics and mixed analyst ratings underscore that CRK is not a defensive holding; it is a high‑beta, cycle‑sensitive energy stock whose returns will depend on both commodity markets and disciplined capital allocation. [59]
For shorter‑term traders, the current setup combines high volatility with technical signals that range from short‑term “sell” to one‑month “buy” depending on the model; for long‑term investors who believe in a structurally tighter U.S. gas market, continued LNG build‑out and the durability of AI‑driven power demand — and who are comfortable with above‑average risk — the recent drawdown may look more like an opportunity than a warning. [60]
References
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