Comstock Resources, Inc. (CRK) Stock Price & How to Invest

Comstock Resources (NYSE: CRK) is an independent natural gas exploration and production company focused almost entirely on the Haynesville and Bossier shales of North Louisiana and East Texas, including its emerging Western Haynesville play. It drills for and produces natural gas from deep, high-pressure shale formations, with production of roughly 1.1 Bcfe per day in early 2026 and proved reserves of about 7.0 Tcfe at year-end 2025. Dallas Cowboys owner Jerry Jones is the majority shareholder with a stake of roughly 71%, making CRK effectively a controlled company. Its Gulf Coast location gives it proximity to the fast-growing LNG export corridor, and it has been selected as the site for a large (about 5.2 GW) on-site power generation hub tied to data-center and industrial demand.

The investment picture is a leveraged bet on natural gas demand. Revenue and cash flow swing hard with Henry Hub prices, and the Western Haynesville program requires heavy capital for ultra-deep, high-temperature wells that carry more geologic and cost risk than shallower peer acreage. Comstock has been working to strengthen its balance sheet, including selling a 27% interest in its Pinnacle midstream subsidiary to Sixth Street for about $600 million to retire debt. Bulls point to rising LNG and power demand plus a large runway of drilling locations; skeptics point to leverage, single-basin concentration, and the limited float and governance implications of a 71% owner.

Comstock is a concentrated, commodity-price-driven producer: weak natural gas prices can sharply cut revenue and cash flow, as seen in the roughly 12% year-on-year revenue decline in Q1 2026. Leverage remains elevated relative to gas-price volatility, and the Western Haynesville program targets ultra-deep, high-pressure, high-temperature wells that carry higher capital costs and execution risk than shallower peer acreage. Nearly all production comes from one region, so basin-specific problems (weather, takeaway capacity, service costs) hit the whole business. Governance is dominated by a single controlling shareholder (Jerry Jones, about 71%), which limits minority-holder influence and creates take-private and related-party dynamics. The power-hub and data-center demand thesis is still early and unproven at scale.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Comstock Resources, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.2B
• FY2025 revenue: ~$2.22B
• Q1 2026 gas & oil sales: ~$339M
• Q1 2026 adjusted EBITDAX: ~$251M
• Market cap: ~$3.8B
• Share price: ~$13
• Proved reserves (YE2025): ~7.0 Tcfe

Q1 2026 gas and oil sales were about $339 million, down roughly 12% year on year on lower production and winter weather, with adjusted EBITDAX near $251 million and operating cash flow around $192 million. As a leveraged natural gas producer, CRK's valuation moves with Henry Hub prices and its Western Haynesville drilling results rather than on a stable earnings multiple. Debt levels, hedging, and gas prices matter more to the equity story than a single quarter's headline profit.

There are three common ways to get CRK exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so CRK sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where CRK fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Comstock is a concentrated, gas-price-sensitive Haynesville play with a genuine LNG-and-data-center demand tailwind offset by high leverage, single-basin risk, and a dominant controlling shareholder.

Whether CRK is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CRK a buy?, and where the stock could go from here in the CRK stock forecast.

For income investors, whether CRK pays a dividend and how the payout looks is covered in does CRK pay a dividend?