Q3 2024 EPS Estimates for Comstock Resources, Inc. (NYSE:CRK) Cut by Capital One Financial

Comstock Resources, Inc. (NYSE:CRK) – Capital One Financial cut their Q3 2024 EPS estimates for shares of Comstock Resources in a research report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will post earnings per share of ($0.16) for the quarter, down from their previous estimate of ($0.03). The consensus estimate for Comstock Resources’ current full-year earnings is ($0.33) per share. Capital One Financial also issued estimates for Comstock Resources’ FY2024 earnings at ($0.36) EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.37 EPS and FY2026 earnings at $0.70 EPS.

A number of other analysts have also weighed in on the company. Mizuho reduced their target price 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 lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Wolfe Research initiated coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. The Goldman Sachs Group raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Tuesday, May 28th. Finally, Truist Financial boosted their price target on Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.58.

Comstock Resources Price Performance

Shares of CRK stock opened at $10.82 on Friday. The stock has a 50 day moving average price of $10.11 and a 200 day moving average price of $10.11. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $13.39. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market capitalization of $3.16 billion, a P/E ratio of 49.18 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s quarterly revenue was down 14.4% compared to the same quarter last year.

Insider Transactions at Comstock Resources

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the completion of the acquisition, the insider now directly owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the completion of the transaction, the insider now directly owns 198,949,901 shares in the company, valued at $1,941,751,033.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Star Exploration Corp Blue bought 825,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the purchase, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,712,733 shares of company stock valued at $67,816,851. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of CRK. Blue Trust Inc. acquired a new position in shares of Comstock Resources during the second quarter worth $32,000. EverSource Wealth Advisors LLC raised its stake in Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Comstock Resources by 428.9% in the first quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after acquiring an additional 3,869 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Comstock Resources by 2,161.0% during the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Comstock Resources during the first quarter valued at about $91,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.