Americas Energy: Oil & Gas - E&P

Goldman Sachs updates 1Q26 earnings estimates for SMID-cap E&Ps Magnolia Oil & Gas and Comstock Resources, maintaining a Neutral rating on MGY and a Sell rating on CRK.

Key Takeaways

• 1.Estimates for MGY and CRK were updated following 1Q26 earnings, focusing on catalysts, cost reductions, and operational execution.
• 2.Magnolia Oil & Gas (MGY) shows continued execution strength but faces a Neutral rating due to limited upside (4% downside to $28 target) relative to peers.
• 3.Comstock Resources (CRK) is Sell rated with 8% downside to a $13 target as the firm seeks clarity on debt reduction and capital efficiency in Western Haynesville.

Table of Contents

• Updating Estimates for MGY and CRK
• Magnolia Oil & Gas (MGY)
• Comstock Resources (CRK)
• Valuation & Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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