Long Position on CRK @ $20.25 on 6/6/2022 (Momentum)

Comstock Resources, Inc. (CRK) is an independent energy company. 

The firm engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States.

As of December 31, 2021, the company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves. It also owns interests in 2,557 producing oil and natural gas wells. The company was incorporated in 1919.

On May 3rd, Comstock Resources (CRK) reported 1st Quarter March 2022 earnings of $0.51 per share on revenue of $524.8 million. The consensus earnings estimate was $0.51 per share on revenue of $430.0 million. Revenue grew 54.1% on a year-over-year basis. 

Shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

Entry Point: $20.25

Trading Range: $5.05 to $21.11

Stop Loss: $19.00

Target Price: $23.00

Position closed on 6/15/2022 at price of $19.00 with a -6.17% loss in 9 days.

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