Comstock Resources (NYSE:CRK) Trading Up 4.7% – Time to Buy?

Shares of Comstock Resources, Inc. (NYSE:CRK) rose 4.7% on Tuesday . The stock traded as high as $18.61 and last traded at $18.85. Approximately 552,174 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,467,599 shares. The stock had previously closed at $18.00.

Analyst Ratings Changes

CRK has been the subject of several analyst reports. Truist Financial boosted their target price on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research note on Monday, January 13th. StockNews.com raised shares of Comstock Resources to a “sell” rating in a research note on Thursday, February 20th. Citigroup boosted their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley began coverage on shares of Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 target price for the company. Finally, Piper Sandler upped their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, January 29th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $13.40.

Comstock Resources Stock Performance

The stock’s 50-day moving average is $18.99 and its 200-day moving average is $14.79. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of -25.19, a P/E/G ratio of 1.65 and a beta of 0.48. The company has a current ratio of 0.46, a quick ratio of 0.60 and a debt-to-equity ratio of 1.27.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. The firm had revenue of $366.51 million during the quarter, compared to the consensus estimate of $370.62 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. On average, analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Insider Buying and Selling

In other Comstock Resources news, Director Elizabeth B. Davis sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the completion of the transaction, the director now owns 99,632 shares in the company, valued at $1,810,313.44. This represents a 7.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CRK. Raymond James Financial Inc. purchased a new position in Comstock Resources in the 4th quarter worth approximately $11,891,000. Corigliano Investment Advisers LLC purchased a new position in Comstock Resources in the 4th quarter worth approximately $11,450,000. Susquehanna Fundamental Investments LLC purchased a new position in Comstock Resources in the 4th quarter worth approximately $6,349,000. Marshall Wace LLP purchased a new position in Comstock Resources in the 4th quarter worth approximately $6,329,000. Finally, Royce & Associates LP boosted its holdings in Comstock Resources by 79.2% in the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after acquiring an additional 304,780 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.