Comstock Resources, Inc. (NYSE:CRK) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have been given an average recommendation of “Hold” by the eight analysts that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $9.75.

A number of analysts have issued reports on CRK shares. Mizuho cut their target price on Comstock Resources from $10.00 to $9.00 and set an “underperform” rating on the stock in a research report on Monday, April 15th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a research note on Tuesday, January 9th. Piper Sandler dropped their price target on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Thursday, March 7th. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research note on Monday, April 29th. Finally, Truist Financial dropped their price target on shares of Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Tuesday, February 13th.

Comstock Resources Stock Up 1.2 %

Shares of NYSE CRK opened at $9.98 on Friday. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 45.37 and a beta of 0.70. The company has a quick ratio of 0.68, a current ratio of 0.64 and a debt-to-equity ratio of 1.09. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $13.39. The business’s 50 day moving average is $9.04 and its two-hundred day moving average is $9.34.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The company had revenue of $335.77 million for the quarter, compared to analyst estimates of $343.97 million. Comstock Resources had a return on equity of 1.25% and a net margin of 4.27%. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 earnings per share. Research analysts predict that Comstock Resources will post -0.13 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Star Exploration Corp Blue bought 12,500,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the purchase, the insider now owns 194,821,429 shares in the company, valued at approximately $1,566,364,289.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Comstock Resources by 2,161.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 4,711 shares during the period. Federated Hermes Inc. boosted its position in shares of Comstock Resources by 80.0% in the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock valued at $61,000 after purchasing an additional 2,445 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Comstock Resources by 144.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,645 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 3,929 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Comstock Resources in the 3rd quarter valued at about $80,000. Institutional investors and hedge funds 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.