Comstock Resources (CRK.N): Growth Remains On Track - Solid Operations - Bump To Capital Spending Guidance To Get Attention

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Comstock Resources (CRK.N): Growth Remains On Track - Solid Operations - Bump To Capital Spending Guidance To Get Attention

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29 Jul 2026 19:00:32 ET │ 13 pages

Comstock Resources (CRK.N)

Growth Remains On Track - Solid Operations - Bump To Capital

Spending Guidance To Get Attention

CITI'S TAKE Neutral / High Risk

Price (29 Jul 26 16:00) US$12.61 After the close, CRK reported 2Q2026 earnings with adjusted cash flow of

Target price US$16.00 ~$188.5mm, which was moderately above both consensus for

~$175.9mm and our estimate of ~$166.7mm. This was a neutral print. Expected share price return 26.9%

Their outperformance on cash flows was supported by in line production, Expected dividend yield 0.0%

with moderately better than expected operating expenses but with D&C Expected total return 26.9%

capital spending ~7% above our estimates and pricing coming in ~2% Market Cap US$3,704M

below. Their guidance for the coming quarter is within street expectations,

with mid-point QoQ production to trend ~9% higher with capital spending

rising commensurately. Their full year capital guidance was largely

maintained, but the increase of ~3.5% to capital spending will raise some Paul DiamondAC

questions and likely overshadow the operational results. We expect +1-212-816-0638

minimal reaction into the call and retain our Neutral / High Risk rating with paul.diamond@citi.com

a $16/share target price. Scott Gruber

+1-212-816-8919

Operations - After the close, CRK reported 2Q2026 earnings with adjusted cash scott.gruber@citi.com

flow of ~$188.5mm, which was moderately above both consensus for ~$175.9mm

and our estimate of ~$166.7mm. Production totaled ~1.24 bcfe/d, which was in line

with consensus for ~1.24 bcfe/d and slightly above our estimate of ~1.22 bcfe/d.