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CRK

Comstock Resources

$11.35

-0.2 (-1.73%)

19:28
07/19/18
07/19
19:28
07/19/18
19:28

Comstock Resources acquires Haynesville shale assets for $31M

Comstock Resources, Inc. announced that it was the successful bidder on Package 2 - North Louisiana Properties at an auction held July 17, 2018, that was conducted under the Chapter 11 bankruptcy proceedings of Enduro Resource Partners LLC, et. al. The North Louisiana properties consist of approximately 21,000 gross acres (9,900 net) primarily in Caddo and DeSoto Parishes in Louisiana. Comstock bid $31.0 million, subject to purchase price adjustments, for the properties which include 120 (26.2 net) producing natural gas wells, 49 (14.7 net) of which produce from the Haynesville shale. Current net production from the properties being acquired is approximately 26 million cubic feet per day of natural gas following the recent completion of four (1.1 net) long-lateral Haynesville shale wells. The acquisition, which is subject to the issuance of a Final Sales Order by the United States Bankruptcy Court for the District of Delaware, will have an effective date of January 1, 2018, and an anticipated closing date of July 31, 2018. Comstock estimates that it is acquiring 288 Bcfe of proved reserves which are 12% developed. Comstock has identified 112 (31.0 net) potential drilling locations on this acreage, 21 (17.9 net) of the future locations would be operated by Comstock.

  • 08

    Aug

CRK Comstock Resources
$11.35

-0.2 (-1.73%)

05/22/18
SOCO
05/22/18
UPGRADE
SOCO
Equalweight
Comstock Resources upgraded to Equalweight from Underweight at Capital One
05/22/18
05/22/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Macy's (M) upgraded to Positive from Neutral at Susquehanna with analyst Bill Dreher saying he believes the company's initiatives will generate "significant and unexpectedly strong" operating leverage, leading to what he expects to be a "parade" of beat and raise quarterly reports. 2. Fifth Third (FITB) upgraded to Neutral from Underperform at Baird ant to Neutral from Underperform at Macquarie. 3. AB InBev (BUD) upgraded to Sector Perform from Underperform at RBC Capital with analyst James Jones saying while margin growth may be elusive without volume growth, InBev profitability is likely to be "defendable" given the local nature of its brewing, where "economies of scale in production, marketing and distribution are most evident." 4. Comstock Resources (CRK) upgraded to Equalweight from Underweight at Capital One. 5. IHS Markit (INFO) upgraded to Outperform from Neutral at Macquarie with analyst Hamzah Mazari saying the Ipreo deal will drive IHS' organic growth to 5%-7% from 4%-6% and expects buybacks to resume following deleveraging below 3x in 2H 2019, combined with the divestiture of MarkitSERV. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/22/18
STFL
05/22/18
INITIATION
Target $9.8
STFL
Hold
Comstock Resources resumed with a Hold at Stifel
Stifel analyst Jane Trotsenko resumes coverage of Comstock Resources with a Hold rating and a price target of $9.80. The analyst cites new JVs, the sale of producing assets in Eagle Ford, upcoming acquisition of assets in the Bakken and the company's recapitalization impacting its production outlook and earnings potential. Trotsenko adds that if the Bakken transacation closes, Comstock would have "much better financials and be positioned to deliver strong Haynesville production growth".

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BRN

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AAL

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KBH

KB Home

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CUBE

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Pointer Telocation

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LOGC

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PAAS

Pan American Silver

$12.66

-1.47 (-10.40%)

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ECC

Eagle Point Credit

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AGNC

AGNC Investment

$17.78

-0.1 (-0.56%)

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SWCH

Switch

$7.07

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05:57
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Upgrade
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SBCF

Seacoast Banking

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PCG

PG&E

$25.66

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SEIC

SEI Investments

$53.04

-0.76 (-1.41%)

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  • 15

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ED

Consolidated Edison

$79.41

0.275 (0.35%)

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Consolidated Edison 13.6M share Secondary priced at $77.00 »

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  • 15

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FB

Facebook

$144.25

2.06 (1.45%)

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Horizon Pharma

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CSIQ

Canadian Solar

$13.73

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DDAIF

Daimler AG

$0.00

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ACIU

AC Immune

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BHVN

Biohaven Pharmaceutical

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FB

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, AAPL

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ABBV

AbbVie

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TNK

Teekay Tankers

$1.07

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  • 15

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