Comstock Resources (NYSE:CRK) Sets New 12-Month High on Analyst Upgrade

Shares of Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $11.00 to $19.00. Truist Financial currently has a hold rating on the stock. Comstock Resources traded as high as $20.57 and last traded at $19.94, with a volume of 3053960 shares traded. The stock had previously closed at $19.88.

A number of other brokerages have also recently issued reports on CRK. Morgan Stanley assumed coverage on shares of Comstock Resources in a research report on Friday. They set an “equal weight” rating and a $18.00 target price for the company. Bank of America initiated coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their target price for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Comstock Resources currently has an average rating of “Hold” and an average target price of $13.30.

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the transaction, the director now directly owns 123,781 shares of the company’s stock, valued at $2,021,343.73. This trade represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 38,000 shares of company stock valued at $634,660. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after purchasing an additional 2,438,252 shares during the period. KGH Ltd grew its stake in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the period. Millennium Management LLC increased its holdings in shares of Comstock Resources by 775.4% during the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after acquiring an additional 775,371 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in Comstock Resources during the second quarter worth $6,544,000. Finally, American Century Companies Inc. lifted its position in Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after acquiring an additional 362,043 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Up 0.3 %

The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $5.83 billion, a P/E ratio of -110.77 and a beta of 0.51. The stock has a fifty day moving average price of $15.77 and a two-hundred day moving average price of $12.46.

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

About Comstock Resources

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.