Collins Stewart Boosts Price Target on Comstock Resources (CRK) to $113
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Collins Stewart raises its price target on Comstock Resources (NYSE: CRK) to $113, based on Chesapeake Energy (NYSE: CHK) Haynesville Shale news.
The firm said, "The rates on CHK's horizontals ranges from 5-15 mmcf/d on RESTRICTED chokes, compared with the best Barnett well making 6 mmcf/d. on an OPEN choke. These better Haynesville wells are monster wells, and will be able to accelerate CRK production once the development stage is reached. Further, CHK believes that F&D costs will be around $1/mcfe when full development scale is reached."
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