Comstock Resources, Inc. (NYSE:CRK) Receives Average Rating of “Reduce” from Brokerages

Comstock Resources, Inc. (NYSE:CRK) has received a consensus rating of “Reduce” from the thirteen research firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $10.31.

Several equities analysts have recently commented on CRK shares. Mizuho cut their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. BMO Capital Markets upped their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. 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 price objective for the company. Finally, Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research report on Tuesday, October 15th.

Comstock Resources Stock Performance

Shares of NYSE:CRK opened at $15.43 on Thursday. The firm’s 50 day simple moving average is $12.29 and its 200-day simple moving average is $11.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. Comstock Resources has a one year low of $7.07 and a one year high of $15.84. The firm has a market cap of $4.51 billion, a PE ratio of -86.00 and a beta of 0.47.

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

Institutional Investors Weigh In On Comstock Resources

Large investors have recently modified their holdings of the business. KGH Ltd raised its position 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 purchasing an additional 975,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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 worth $121,414,000 after buying an additional 2,438,252 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Comstock Resources by 19.0% during the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after buying an additional 362,043 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Comstock Resources by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after buying an additional 57,376 shares during the period. Finally, Millennium Management LLC increased its position in shares of Comstock Resources by 775.4% in the 2nd 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 during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.