COMSTOCK RESOURCES Reports Second Quarter FY2023 Earnings Results
August 11, 2023
🌥️Earnings Overview
COMSTOCK RESOURCES ($NYSE:CRK) disclosed their financials for the second quarter of 2023, ending on June 30th. Revenue during the quarter totaled USD 288.2 million, a decrease of 69.5% when compared to Q2 of the prior year. Additionally, their net income was USD -45.7 million compared to a profit of USD 376.9 million in the same quarter of the previous year.
Price History
On Monday, COMSTOCK RESOURCES reported its earnings results for the second quarter of fiscal year 2023. The stock opened at $12.7 and closed at $12.8, representing an increase of 1.8% from its prior closing price of $12.5. This uptick in value was indicative of the positive news the company released and investors responded positively to the results. The company attributed the growth to increased production from both its oil and gas operations, as well as higher commodity prices.
The company also announced that it would be investing in new drilling projects in an effort to capitalize on recent market opportunities. The company is well-positioned to take advantage of current market conditions and continue to deliver strong results in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Comstock Resources. More…
| Total Revenues | Net Income | Net Margin |
| 2.89k | 952.6 | 35.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Comstock Resources. More…
| Operations | Investing | Financing |
| 1.73k | -1.1k | -576.72 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Comstock Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.84k | 3.54k | 8.29 |
Key Ratios Snapshot
Some of the financial key ratios for Comstock Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 46.5% | 84.5% | 46.1% |
| FCF Margin | ROE | ROA |
| 40.8% | 35.6% | 14.3% |
Analysis
At GoodWhale, we analyze and assess a company’s fundamentals to help investors make informed decisions. We detected two risk warnings in COMSTOCK RESOURCES‘s income sheet and balance sheet. We suggest our users to register with us to get more detailed insights. With our analysis, you can get valuable information regarding the company’s financial performance which can help you make a well-informed decision on whether or not to invest. At GoodWhale, we strive to provide investors with the most comprehensive information to make sure that your investments are secure. We encourage you to check out our analysis on COMSTOCK RESOURCES and register with us to get detailed insights on its fundamentals. More…
Peers
Comstock Resources Inc. is an American oil and gas company engaged in the exploration, development, production and acquisition of properties in the United States. The company’s core areas of operation are in the states of Texas and Louisiana. The company’s main competitors are Antero Resources Corp, EQT Corp, and CNX Resources Corp. Comstock Resources Inc. has a market capitalization of $2.6 billion as of February 2018, while its competitors have market capitalizations of $13.4 billion (Antero Resources Corp), $11.5 billion (EQT Corp), and $3.4 billion (CNX Resources Corp), respectively.
– Antero Resources Corp ($NYSE:AR)
Antero Resources is a natural gas and oil company that operates in the Appalachian Basin. The company has a market capitalization of $10.83 billion as of 2022 and a return on equity of 15.98%. Antero Resources is engaged in the exploration, development, and production of natural gas and oil properties in the United States. The company was founded in 2002 and is headquartered in Denver, Colorado.
– EQT Corp ($NYSE:EQT)
EQT Corporation is a publicly traded natural gas and oil exploration and production company with operations in the United States and Canada. The company has a market cap of $14.63 billion as of 2022 and a return on equity of -5.33%. EQT Corporation is one of the largest producers of natural gas in the United States and is headquartered in Pittsburgh, Pennsylvania.
– CNX Resources Corp ($NYSE:CNX)
CNX Resources Corp is a publicly traded natural gas and oil exploration and production company with a market cap of $3.46 billion as of March 2022. The company’s primary operations are in the Appalachian Basin, which includes the Marcellus Shale and Utica Shale plays. CNX Resources was founded in 1987 and is headquartered in Canonsburg, Pennsylvania.
Summary
COMSTOCK RESOURCES reported a significant decrease in their second quarter of FY2023 earnings, with total revenue dropping by 69.5% to USD 288.2 million compared to the same quarter last year. Net income for the quarter fell from USD 376.9 million to USD -45.7 million. Investors should be cautious when considering investing in COMSTOCK RESOURCES, as their performance has been significantly impacted by the pandemic and their current financial situation is uncertain. Those interested in investing should take the time to thoroughly analyze the company’s financials, examine market trends, and consider the potential risks before making any decisions.
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