Comstock Resources (NYSE:CRK) Shares Down 3.5% – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price dropped 3.5% on Wednesday . The stock traded as low as $23.06 and last traded at $23.0050. Approximately 321,965 shares changed hands during trading, a decline of 87% from the average daily volume of 2,567,781 shares. The stock had previously closed at $23.84.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CRK shares. UBS Group restated a “sell” rating and issued a $18.00 price target (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday. Mizuho raised their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Piper Sandler reduced their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, November 18th. Finally, Zacks Research raised shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $20.60.

Comstock Resources Stock Performance

The firm has a market capitalization of $6.81 billion, a P/E ratio of 92.96 and a beta of 0.39. The company has a 50-day moving average of $23.06 and a 200-day moving average of $21.03. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19.

Comstock Resources (NYSE:CRK) last announced its earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, beating the consensus estimate of $0.04 by $0.05. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The company had revenue of $449.85 million for the quarter, compared to analyst estimates of $433.54 million. During the same quarter in the prior year, the company earned ($0.17) EPS. The firm’s revenue for the quarter was up 47.8% compared to the same quarter last year. On average, equities analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently made changes to their positions in CRK. Advisory Services Network LLC purchased a new position in Comstock Resources during the third quarter worth about $27,000. Legacy Investment Solutions LLC bought a new position in shares of Comstock Resources during the 2nd quarter worth approximately $29,000. Jones Financial Companies Lllp lifted its position in shares of Comstock Resources by 671.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 1,376 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Comstock Resources in the 2nd quarter worth approximately $34,000. Finally, iSAM Funds UK Ltd bought a new position in shares of Comstock Resources in the third quarter valued at approximately $38,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.