Quicksilver Resrouces and Comstock Hit 52-Week Lows as Markets Climb
Quicksilver Resource (NYSE:KWK): BofA/Merrill downgraded QuickSilver Resources citing disappointing FY12 guidance. Price target cut to $3 from $12. The shares closed at $4.71, down $0.3 or 5.99% on the day. They have traded in a 52-week range of $4.92 to $15.98.
Comstock Resources (NYSE:CRK): To support its 2012 oil focused drilling program, the company has entered into oil price swap agreements to hedge 1.7M barrels of its expected 2012 crude oil production at an average price of approximately $99.45 per barrel. The company has also begun hedging some of its expected 2013 crude oil production and has 2,000 barrels per day hedged at an average price of $100.00 per barrel. The decline in the futures prices for natural gas since the third quarter of 2011 is expected to result in certain of the company’s conventional natural gas properties being impaired at Dec. 31, 2011. Comstock expects the Q4 of 2011 financial results to include an impairment of approximately $61M, or $39.5M after tax, or $0.86 per share. The shares closed at $11.61, down $0.43 or 3.57% on the day. They have traded in a 52-week range of $11.92 to $33.63.
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