Mizuho Cuts Comstock Resources (NYSE:CRK) Price Target to $9.00

Comstock Resources (NYSE:CRK) had its price target reduced by Mizuho from $10.00 to $9.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an underperform rating on the oil and gas producer’s stock.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group boosted their price objective on Comstock Resources from $8.00 to $9.00 and gave the stock a sell rating in a research report on Tuesday, April 2nd. Siebert Williams Shank started coverage on Comstock Resources in a research report on Tuesday, December 19th. They set a hold rating and a $10.00 price objective for the company. StockNews.com upgraded Comstock Resources to a sell rating in a research report on Thursday, April 4th. Piper Sandler dropped their target price on Comstock Resources from $9.00 to $8.00 and set an overweight rating on the stock in a report on Thursday, March 7th. Finally, Stifel Nicolaus dropped their target price on Comstock Resources from $15.00 to $13.00 and set a buy rating on the stock in a report on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $10.00.

Comstock Resources Stock Performance

Shares of CRK stock opened at $9.28 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.11. The business has a 50 day moving average of $8.43 and a two-hundred day moving average of $9.51. The company has a market cap of $2.58 billion, a P/E ratio of 12.21 and a beta of 0.70. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The business had revenue of $410.58 million for the quarter, compared to analyst estimates of $401.97 million. Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The business’s quarterly revenue was down 55.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 earnings per share. As a group, analysts anticipate that Comstock Resources will post 0.06 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In related news, major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of $8.04 per share, with a total value of $100,500,000.00. Following the completion of the acquisition, the insider now owns 194,821,429 shares of the company’s stock, valued at $1,566,364,289.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRK. PNC Financial Services Group Inc. grew its position in Comstock Resources by 214.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,716 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 1,851 shares in the last quarter. GAMMA Investing LLC grew its position in Comstock Resources by 428.9% during the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after purchasing an additional 3,869 shares in the last quarter. Federated Hermes Inc. grew its position in Comstock Resources by 80.0% during the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock worth $61,000 after purchasing an additional 2,445 shares in the last quarter. Steward Financial Group LLC grew its position in Comstock Resources by 86.9% during the 3rd quarter. Steward Financial Group LLC now owns 6,776 shares of the oil and gas producer’s stock worth $74,000 after purchasing an additional 3,151 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Comstock Resources during the 3rd quarter worth approximately $80,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

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.