Comstock Resources (NYSE:CRK) Coverage Initiated at Bank of America

Bank of America began coverage on shares of Comstock Resources (NYSE:CRK) in a report issued on Monday morning, MarketBeat reports. The firm issued a buy rating and a $14.00 price objective on the oil and gas producer’s stock.

CRK has been the topic of several other research reports. Mizuho dropped their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research report on Tuesday, October 15th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. BMO Capital Markets lifted their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Finally, Wolfe Research assumed coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.31.

Comstock Resources Price Performance

Shares of CRK opened at $11.56 on Monday. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a fifty day moving average price of $11.02 and a 200 day moving average price of $10.67. The company has a market cap of $3.38 billion, a P/E ratio of -64.22 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results 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). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm had revenue of $304.50 million for the quarter, compared to the consensus estimate of $308.75 million. During the same quarter in the prior year, the company posted $0.04 EPS. The firm’s revenue was down 19.2% on a year-over-year basis. On average, research analysts forecast that Comstock Resources will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of Comstock Resources stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $9.76 per share, for a total transaction of $8,060,471.68. Following the transaction, the insider now owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Drilling L.P. Arkoma bought 825,868 shares of Comstock Resources stock in a transaction dated 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 owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 6,712,733 shares of company stock worth $67,816,851. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted 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 period. KGH Ltd lifted 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 acquiring an additional 975,000 shares in the last quarter. Millennium Management LLC boosted its stake in 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 worth $9,086,000 after purchasing an additional 775,371 shares during the period. HITE Hedge Asset Management LLC acquired a new position in Comstock Resources in the 2nd quarter worth approximately $6,544,000. Finally, American Century Companies Inc. grew its position in Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after purchasing an additional 362,043 shares in the last quarter. 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.