Comstock Resources, Inc. (NYSE:CRK) Receives Average Recommendation of “Reduce” from Analysts

Comstock Resources, Inc. (NYSE:CRK) has been assigned an average rating of “Reduce” from the ten research firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $21.00.

CRK has been the subject of a number of recent analyst reports. Bank of America downgraded shares of Comstock Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $27.00 to $24.00 in a report on Friday, January 16th. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. UBS Group set a $17.00 target price on Comstock Resources in a research note on Friday, February 13th. Morgan Stanley set a $19.00 target price on Comstock Resources in a research report on Friday, February 13th. Finally, Piper Sandler lowered their price target on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, November 18th.

Insider Buying and Selling

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the transaction, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dragoneer Investment Group LLC purchased a new position in shares of Comstock Resources during the 4th quarter worth approximately $99,632,000. Bank of America Corp DE raised its position in Comstock Resources by 344.5% in the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock valued at $51,296,000 after purchasing an additional 1,436,746 shares during the period. Gemsstock Ltd. acquired a new position in Comstock Resources during the fourth quarter worth $19,186,000. Aventail Capital Group LP lifted its stake in Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after purchasing an additional 686,002 shares in the last quarter. Finally, Man Group plc boosted its position in shares of Comstock Resources by 1,752.8% during the third quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after buying an additional 567,810 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Trading Down 2.4%

Shares of CRK stock opened at $19.61 on Wednesday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. Comstock Resources has a twelve month low of $14.65 and a twelve month high of $31.17. The company’s 50-day moving average price is $21.30 and its 200-day moving average price is $20.84. The stock has a market cap of $5.76 billion, a price-to-earnings ratio of 13.90 and a beta of 0.40.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. The firm had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. Comstock Resources’s revenue was up 115.5% compared to the same quarter last year. During the same period last year, the business earned $0.16 earnings per share. As a group, equities analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Comstock Resources Company Profile

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.