FRISCO, Texas — Nov. 6, 2025. Shares of Comstock Resources, Inc. (NYSE: CRK) traded higher today after a week packed with catalysts: stronger third‑quarter results, progress on a $430 million asset sale, and a fresh technical tailwind as the stock’s Relative Strength (RS) rating ticked up. Midday, CRK changed hands around $21.14, up roughly 5.5%, within a 52‑week range of $11.41–$31.17. [1]
- Q3 2025 revenue:$449.9M; adjusted EPS:$0.09. Management cited higher realized gas prices and disciplined costs. [2]
- Western Haynesville momentum: 3 new wells averaged ~32 MMcf/d IP with long laterals. [3]
- Portfolio reshaping: Agreement to sell Shelby Trough assets for $430M; Cotton Valley package sold for $15.2M in September. Closing of Shelby Trough expected December 2025. [4]
- Liquidity:$939.2M as of Sept. 30 (including $920M of undrawn revolver + $19.2M cash). [5]
- Technical & Street setup today:IBD lifts CRK’s RS Rating to 85; consensus rating sits at “Reduce” with targets spanning $9–$21. [6]
What’s moving CRK today
Technical momentum: Investor’s Business Daily highlighted CRK’s RS Rating rising to 85, a level technicians often view as signaling mounting relative strength. While IBD notes CRK isn’t at a formal “buy” point, the upgrade adds fuel to a rally that has built in recent sessions. [7]
Post‑earnings follow‑through: Earlier this week, Comstock reported Q3 revenue of $449.9M and adjusted EPS of $0.09, supported by realized natural‑gas prices of $2.99/Mcf after hedging on 112 Bcf of gas production (about 1.22 Bcfe/d by simple average). Management’s release also flagged low per‑unit costs ($0.77/Mcfe) and adjusted EBITDAX of $249M. [8]
Balance‑sheet flex: The latest Form 10‑Q shows $939.2M of liquidity at quarter‑end ($920M undrawn revolver and $19.2M cash), giving Comstock room to fund the drilling plan and smooth commodity bumps. [9]
Strategy: concentrate on core Haynesville, monetize non‑core
Comstock’s third‑quarter update underscores a two‑track strategy:
- Lean into core Haynesville/Bossier
- The company turned 12 operated wells to sales in Q3, including three Western Haynesville wells that came online with ~32 MMcf/d average IP and ~8,566‑ft average laterals. In its Legacy Haynesville area, Comstock has turned 28 wells to sales year‑to‑date with ~11,919‑ft laterals and ~25 MMcf/d IP. [10]
- Streamline the portfolio and cut leverage
- Shelby Trough divestiture: signed for $430M cash (36,000 net acres; 155 producing wells); closing expected in December 2025, with proceeds earmarked for debt reduction.
- Cotton Valley sale: closed in September for $15.2M. [11]
The simplification complements Comstock’s long‑running bet on the Western Haynesville, a deep, hotter‑than‑average gas fairway that has drawn national attention thanks to majority owner Jerry Jones. A recent Wall Street Journal profile details the scale and ambition of that push—more than $1B invested and the potential for a very large resource. [12]
Key numbers from Q3 2025
- Total revenue:$449.9M (vs. $304.5M in Q3’24).
- Natural gas & oil sales (incl. hedges):$335.0M; adjusted EBITDAX:$249.0M.
- Adjusted net income:$27.9M ($0.09/share).
- Operating cash flow (ex‑WC):$190.4M.
- Costs:$0.77/Mcfe (G&T $0.36, LOE $0.26, taxes $0.10, cash G&A $0.05).
- Realized gas price (after hedging):$2.99/Mcf on 112 Bcf production.
All figures per company release/filings. [13]
How the Street sees it
Despite the rally, analyst opinion remains mixed. MarketBeat’s roll‑up shows an average “Reduce” rating across 11 firms, with 5 Sell / 4 Hold / 2 Buy and a target range from $9 (Piper Sandler) to $21 (Mizuho)—illustrating how sensitive views remain to the gas price and execution. [14]
What to watch next
- Shelby Trough closing (December 2025): Execution and proceeds deployment toward debt reduction. [15]
- Western Haynesville cadence: IP rates, lateral lengths and well costs as the program scales. [16]
- Balance‑sheet metrics: Liquidity and leverage after asset sale proceeds hit. [17]
- Gas‑price tape: Realized pricing has been the swing factor for 2025; hedges helped realize $2.99/Mcf in Q3. [18]
Context: why Comstock’s story is resonating
Comstock is a pure‑play Haynesville gas producer positioned close to Gulf Coast industrial and LNG export demand. With data‑center build‑outs and industrial restarts in the headlines, the WSJ’s deep dive into Comstock’s Western Haynesville ambitions helps explain why investors are refocusing on prolific, infrastructure‑adjacent gas. [19]
Source notes & methodology
Figures and operational details are taken from Comstock’s Nov. 3, 2025 earnings press release and accompanying SEC filings; stock performance and trading stats reflect today (Nov. 6, 2025). Technical and analyst items reference IBD and MarketBeat, respectively. [20]
References
1. www.reuters.com, 2. www.globenewswire.com, 3. www.globenewswire.com, 4. www.globenewswire.com, 5. www.sec.gov, 6. www.investors.com, 7. www.investors.com, 8. www.globenewswire.com, 9. www.sec.gov, 10. www.globenewswire.com, 11. www.globenewswire.com, 12. www.wsj.com, 13. www.globenewswire.com, 14. www.marketbeat.com, 15. www.globenewswire.com, 16. www.globenewswire.com, 17. www.sec.gov, 18. www.globenewswire.com, 19. www.wsj.com, 20. www.globenewswire.com
