Outperform/High Risk - Price 42.72 on Nov. 3
by Boenning & Scattergood

This oil-and-gas independent has 582 billion cubic feet of natural-gas equivalent (90% natural gas) of year-end 2008 proven reserves. We hold a cautious near-term outlook on the exploration-and-production sector, as we believe that the near-term risk/reward for oil and natural-gas prices is fairly balanced -- although [our] positive long-term view [is] underscored by attractive valuations. We're reiterating Outperform rating; our 46 target is based on its trading at 155% of proven-reserve liquidation-value assessment. Market cap: $1.9 billion.

Buy - Price 38.21 on Aug. 24
by Pritchard Capital Partners

CRK believes that a significant portion of its 28,000 net acres in DeSoto Parish, La., lies within what is being defined at the "core" of the play where IP [initial-production] rates and returns will allow companies to earn 20%-plus IRRs [internal rates of return] at a $4.25/Mcf [one thousand cubic feet of natural gas] price. CRK now believes most of its acreage is prospective for both the upper and lower lobes of the Haynesville [Louisiana and East Texas], and EnCana (ECA) recently said it [had] drilled the first dual upper and lower Haynesville well. We currently do not include any reserves for the upper Haynesville in our $52-a-share net asset value. Target: 52. Market cap: $1.7 billion.

solid chart

Comstock Resources (CRK) was upgraded from Hold to Buy, Keybanc said. $42 price target. Company posted a third straight quarter of solid earnings, and deserves a higher price multiple.

good p/e.

Downgraded by BMO Capital Markets from Outperform to Market Perform