Comstock Resources (NYSE:CRK) Shares Down 7.2% – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price fell 7.2% on Tuesday . The stock traded as low as $23.49 and last traded at $22.8910. 381,624 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,440,869 shares. The stock had previously closed at $24.67.

Analyst Ratings Changes

CRK has been the subject of several research analyst reports. Piper Sandler dropped their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a research report on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Morgan Stanley set a $20.00 target price on Comstock Resources and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Mizuho lifted their price target on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Comstock Resources has a consensus rating of “Reduce” and a consensus target price of $20.33.

Comstock Resources Trading Up 4.0%

The stock has a market cap of $6.83 billion, a PE ratio of 93.26 and a beta of 0.39. The firm has a 50-day moving average price of $23.40 and a 200-day moving average price of $20.47. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.41 and a current ratio of 0.41.

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

Hedge Funds Weigh In On Comstock Resources

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

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.