Comstock Resources, Inc. (NYSE:CRK) Given Average Recommendation of “Reduce” by Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have been given a consensus rating of “Reduce” by the thirteen analysts that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $10.31.

Several research analysts have recently issued reports on CRK shares. Truist Financial upped their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. BMO Capital Markets lifted their price target on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Mizuho lowered their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Finally, Bank of America initiated coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company.

Insider Buying and Selling at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the company’s stock in a transaction on Monday, August 26th. The shares were acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the purchase, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The trade was a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Institutional investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. bought a new position in Comstock Resources during the third quarter valued at about $25,000. Sunbelt Securities Inc. grew its position in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 1,400 shares during the period. Blue Trust Inc. purchased a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $32,000. EverSource Wealth Advisors LLC raised its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 3,446 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after purchasing an additional 1,312 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

Comstock Resources Price Performance

CRK stock opened at $15.00 on Thursday. The company’s 50-day moving average price is $11.85 and its two-hundred day moving average price is $11.02. The firm has a market cap of $4.38 billion, a P/E ratio of -83.31 and a beta of 0.47. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $15.07.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the business posted $0.04 EPS. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, analysts anticipate that Comstock Resources will post -0.44 earnings per share for the current fiscal year.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.