Natural gas producer Comstock Resources (NYSE:CRK) will be reporting earnings this Tuesday after market close. Here’s what you need to know.
Comstock Resources missed analysts’ revenue expectations last quarter, reporting revenues of $361.8 million, up 5.9% year on year. It was a slower quarter for the company, with a miss of analysts’ EBITDA estimates. It reported 3,000 oil production, down 70% year on year.
Is Comstock Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Comstock Resources’s revenue to grow 29.3% year on year, improving from the 15.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Comstock Resources has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Comstock Resources’s peers in the upstream natural gas e&p segment, some have already reported their Q1 results, giving us a hint as to what we can expect. CNX Resources delivered year-on-year revenue growth of 67.1%, beating analysts’ expectations by 44.1%, and Range Resources reported revenues up 20.6%, topping estimates by 6.4%. CNX Resources traded down 3.7% following the results while Range Resources was up 3.8%.
Read our full analysis of CNX Resources’s results here and Range Resources’s results here.
There has been positive sentiment among investors in the upstream natural gas e&p segment, with share prices up 4.1% on average over the last month. Comstock Resources is down 9.9% during the same time and is heading into earnings with an average analyst price target of $19.92 (compared to the current share price of $17.44).
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