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Landenburg Thalmann Reiterates Buy, $20 PT On Comstock Resources

In a note out today, Landenburg Thalmann reiterated a buy rating and $20 price target on independent oil and natural gas producer Comstock Resources (NYSE: CRK). The stock is up more than 13% today after the company announced a $333 million acquisition of acreage in the Eagle Ford Shale.

“We are increasing our 2012 EPS/CFPS estimates to $1.05/$9.45 from $0.34/$7.93 and projected YE '11 debt-to-book cap. to 53% from 45%.. Our new 2012 cash flow estimate is $435 million (based on $80/Bbl and $4.00/MMBtu) vs. CRK's increased $545 million budget,” the research firm said in the note.

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