Comstock Resources (NYSE:CRK) Downgraded to Sell Rating by Wall Street Zen

Comstock Resources (NYSE:CRK) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other analysts also recently commented on CRK. Bank of America downgraded shares of Comstock Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $27.00 to $24.00 in a report on Friday, January 16th. Mizuho upped their price target on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Citigroup reissued a “neutral” rating and set a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a research report on Wednesday, January 14th. Morgan Stanley set a $19.00 price objective on shares of Comstock Resources in a report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $21.00.

Comstock Resources Stock Up 4.7%

NYSE:CRK opened at $23.38 on Friday. Comstock Resources has a 1 year low of $14.65 and a 1 year high of $31.17. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 16.58 and a beta of 0.40. The stock has a 50-day moving average price of $21.06 and a two-hundred day moving average price of $21.26.

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

Insider Buying and Selling

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction on 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 completion of the sale, the vice president owned 187,516 shares in the company, valued at $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Redwood Family Wealth LLC bought a new position in Comstock Resources during the fourth quarter worth about $232,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Comstock Resources in the fourth quarter valued at approximately $36,000. Invesco Ltd. boosted its stake in shares of Comstock Resources by 4.2% during the 4th quarter. Invesco Ltd. now owns 969,961 shares of the oil and gas producer’s stock worth $22,484,000 after acquiring an additional 39,409 shares during the period. Empowered Funds LLC boosted its stake in shares of Comstock Resources by 17.2% during the 4th quarter. Empowered Funds LLC now owns 108,103 shares of the oil and gas producer’s stock worth $2,506,000 after acquiring an additional 15,852 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Comstock Resources during the 4th quarter worth approximately $870,000. 36.13% of the stock is owned by institutional investors.

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.