Fly News Breaks for December 18, 2019
Dec 18, 2019 | 07:19 EDT
SunTrust analyst Welles Fitzpatrick initiated coverage of Comstock Resources with a Buy rating and $9 price target. The analyst is positive on the company's 12% free cash flow yield and believes that it can sustain positive cash flows for over 20 years given its deep inventory in the space and its record as a "countercyclical consolidator". Fitzpatrick further cites Comstock's recent purchase of Covey Park Energy and its potential to add "large portions of the Haynesville Shale" that would reduce its costs and increase its "running room".
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