Comstock Resources (NYSE:CRK) Given New $24.00 Price Target at Citigroup

Comstock Resources (NYSE:CRK) had its price objective boosted by Citigroup from $23.00 to $24.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas producer’s stock.

CRK has been the subject of a number of other reports. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $27.00 to $24.00 in a report on Friday, January 16th. Mizuho boosted their price objective on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, December 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 report on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $20.88.

Comstock Resources Stock Down 3.7%

Shares of NYSE CRK opened at $21.08 on Tuesday. The company’s 50 day moving average price is $21.05 and its 200-day moving average price is $21.42. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. Comstock Resources has a 52-week low of $14.65 and a 52-week high of $31.17. The company has a market capitalization of $6.20 billion, a P/E ratio of 14.95 and a beta of 0.40.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.05. The company 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 for the quarter was up 115.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 earnings per share. Equities analysts forecast 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 Comstock Resources 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 directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CRK. Rothschild Investment LLC increased its position in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 1,007 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in Comstock Resources during the 4th quarter worth approximately $29,000. Advisory Services Network LLC bought a new position in Comstock Resources in the third quarter worth approximately $27,000. Hantz Financial Services Inc. grew its stake in Comstock Resources by 877.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 1,290 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Comstock Resources in the fourth quarter valued at approximately $36,000. 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.