Citigroup Reiterates Buy Rating for Comstock Resources (NYSE:CRK)

Comstock Resources (NYSE:CRK – Get Rating)‘s stock had its “buy” rating reissued by stock analysts at Citigroup in a research report issued on Thursday, Marketbeat reports. They currently have a $17.00 price target on the oil and gas producer’s stock. Citigroup’s price target indicates a potential upside of 25.18% from the stock’s previous close.

A number of other brokerages also recently weighed in on CRK. MKM Partners reiterated a “neutral” rating and set a $11.50 price target on shares of Comstock Resources in a report on Wednesday. Truist Financial lifted their price objective on Comstock Resources from $14.00 to $19.00 in a research report on Thursday, April 21st. Mizuho reduced their price objective on Comstock Resources from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday. StockNews.com initiated coverage on Comstock Resources in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, The Goldman Sachs Group cut Comstock Resources from a “neutral” rating to a “sell” rating and set a $12.00 price objective for the company. in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.25.

Comstock Resources Stock Performance

Shares of CRK stock opened at $13.58 on Thursday. Comstock Resources has a 1-year low of $5.05 and a 1-year high of $22.11. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 2.82. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -10.78 and a beta of 1.32. The stock’s fifty day simple moving average is $15.68 and its 200-day simple moving average is $12.77.

Comstock Resources (NYSE:CRK – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The oil and gas producer reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Comstock Resources had a positive return on equity of 45.27% and a negative net margin of 10.76%. The business had revenue of $524.84 million for the quarter, compared to the consensus estimate of $438.02 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. Comstock Resources’s revenue for the quarter was up 54.1% compared to the same quarter last year. On average, sell-side analysts predict that Comstock Resources will post 3.45 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CRK. Mirabella Financial Services LLP lifted its position in shares of Comstock Resources by 1,912.7% in the fourth quarter. Mirabella Financial Services LLP now owns 2,621,782 shares of the oil and gas producer’s stock worth $3,207,000 after buying an additional 2,491,522 shares during the last quarter. Foundry Partners LLC acquired a new stake in shares of Comstock Resources in the fourth quarter worth about $10,558,000. Vanguard Group Inc. lifted its position in shares of Comstock Resources by 19.0% in the first quarter. Vanguard Group Inc. now owns 7,227,385 shares of the oil and gas producer’s stock worth $94,318,000 after buying an additional 1,152,570 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Comstock Resources by 51.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 3,202,908 shares of the oil and gas producer’s stock worth $25,911,000 after buying an additional 1,084,309 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Comstock Resources by 280.0% in the fourth quarter. First Trust Advisors LP now owns 1,380,426 shares of the oil and gas producer’s stock worth $11,168,000 after buying an additional 1,017,186 shares during the last quarter. Institutional investors and hedge funds own 34.56% of the company’s stock.

Comstock Resources Company Profile

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Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves.