Brean Capital Upgrades Comstock Resources (CRK) to Buy Citing Permian Land Value after OXY Deal

January 11, 2013 9:02 AM EST
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Price: $10.12 --0%

Rating Summary:
    4 Buy, 11 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Brean Capital upgraded Comstock Resources (NYSE: CRK) from Hold to Buy with a price target of $24.00.

The firm comments, "Based on our research, OXY acquired J.C. Thompson's Permian assets, which includes 20,000 net acres and 4,000 Boe/d of production, for approximately $520 million. CRK's Permian acreage is adjacent to OXY's new acreage and essentially has the same geology. We are upgrading the shares given that the implied price per acre of the OXY/Thompson deal is $15k/acre-$18k/acre versus CRK’s implied market value of $4k/acre."

For an analyst ratings summary and ratings history on Comstock Resources click here. For more ratings news on Comstock Resources click here.

Shares of Comstock Resources closed at $14.54 yesterday.

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