Comstock Resources (NYSE:CRK) Price Target Cut to $16.00 by Analysts at Citigroup

Comstock Resources (NYSE:CRK) had its price objective lowered by Citigroup from $19.00 to $16.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas producer’s stock.

A number of other research analysts also recently commented on the company. Roth Capital upgraded Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 target price for the company in a research report on Friday, July 10th. Zacks Research cut shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $15.22.

Comstock Resources Price Performance

NYSE:CRK opened at $12.88 on Monday. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $3.78 billion, a P/E ratio of 5.88 and a beta of 0.10. Comstock Resources has a 12 month low of $12.44 and a 12 month high of $28.10. The business’s 50-day moving average is $13.72 and its 200 day moving average is $17.86.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The firm had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.01 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. Comstock Resources’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. On average, equities research analysts forecast that Comstock Resources will post 0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC bought a new position in Comstock Resources during the fourth quarter valued at $99,632,000. Bank of America Corp DE lifted its holdings in shares of Comstock Resources by 344.5% in the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after acquiring an additional 1,436,746 shares during the last quarter. Gemsstock Ltd. bought a new stake in shares of Comstock Resources in the 4th quarter worth about $19,186,000. First Trust Advisors LP boosted its stake in shares of Comstock Resources by 143.2% during the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer’s stock worth $22,759,000 after purchasing an additional 635,781 shares during the period. Finally, Man Group plc boosted its stake in shares of Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after purchasing an additional 567,810 shares during the period. 36.13% of the stock is owned by institutional investors.

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.