• BofA Securities recently downgraded Comstock Resources from Buy to Neutral, pointing to lower natural gas price forecasts, high leverage, and the company’s fully dry gas production mix as key risk factors.
• This reassessment underscores how Comstock’s concentrated exposure to Western Haynesville gas makes its cash flow outlook especially sensitive to shifts in commodity assumptions.
• We’ll now examine how BofA’s concerns about gas price risk and leverage could reshape Comstock’s previously optimistic investment narrative.

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Comstock Resources Investment Narrative Recap

To own Comstock Resources, you need to believe in the long term value of its Haynesville dry gas position despite concentration risk and balance sheet leverage. BofA’s downgrade mainly reframes the near term picture by tying the key catalyst, natural gas prices, even more tightly to the biggest current risk, Comstock’s 100 percent dry gas and debt heavy profile.

The most relevant recent development here is BofA’s move from Buy to Neutral and cut in its price target from US$27.00 to US$24.00. This aligns with a broader Hold consensus and reflects how concerns about gas price assumptions and leverage are tempering enthusiasm around Comstock’s Western Haynesville assets, even as the company approaches its Q4 2025 earnings release on February 11, 2026.

But investors should also be aware of how Comstock’s heavy Haynesville concentration could compound the impact of weaker gas prices if...

Comstock Resources’ narrative projects $2.5 billion revenue and $733.2 million earnings by 2028.

Uncover how Comstock Resources' forecasts yield a $20.36 fair value, a 4% downside to its current price.

Exploring Other Perspectives

Eight fair value estimates from the Simply Wall St Community span roughly US$7 to US$46 per share, showing how far apart individual views can be. When you set that against Comstock’s high leverage and fully dry gas exposure, it underlines why many market participants are weighing several scenarios for future performance before deciding where they stand.

Explore 8 other fair value estimates on Comstock Resources - why the stock might be worth over 2x more than the current price!

Build Your Own Comstock Resources Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Comstock Resources research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Comstock Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Comstock Resources' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.