Comstock Resources, Inc. (NYSE:CRK) Given Consensus Rating of “Reduce” by Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have received a consensus rating of “Reduce” from the eleven brokerages that are covering the company, Marketbeat reports. Three equities research 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. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $9.75.

CRK has been the topic of a number of recent analyst reports. Wolfe Research initiated coverage on Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Truist Financial increased their target price on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday. Mizuho reduced their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. Finally, KeyCorp began coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating for the company.

Comstock Resources Stock Up 0.3 %

Shares of CRK opened at $11.17 on Wednesday. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 50.75 and a beta of 0.48. The stock’s 50-day moving average price is $10.20 and its 200-day moving average price is $10.24.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, sell-side analysts predict that Comstock Resources will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the stock in a transaction dated Monday, August 26th. The stock was acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now directly owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the transaction, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were purchased at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. The disclosure for this purchase can be found here. Insiders acquired a total of 6,712,733 shares of company stock valued at $67,816,851 over the last quarter. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. purchased a new position in Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its holdings in Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 3,446 shares during the last quarter. GAMMA Investing LLC lifted its holdings 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 buying an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in Comstock Resources by 2,161.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Comstock Resources during the 1st quarter worth about $91,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Company Profile

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.