Why Comstock Resources Stock Popped 10% Today
Shares of U.S. exploration and production company Comstock Resources (NYSE: CRK) rose as much as 10% on Feb. 17. Although oil and natural gas prices were higher today, at least a portion of Wall Street's enthusiasm was related to the company's earnings, released after the market closed on Feb. 16.
Energy markets were not in a good place in 2020, hit hard by the pandemic-driven economic shutdowns that sharply reduced demand. However, things did start to improve as the year progressed. Comstock's fourth-quarter results were proof of that, with realized prices for natural gas of around $2.40 per MCF, up $0.10 from the same quarter in 2019 and a huge 19% sequentially from the third quarter of 2020. The benefit of higher energy prices translated into solid earnings.
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Source Fool.com
