Comstock Resources (NYSE:CRK) Issues Earnings Results, Misses Estimates By $0.08 EPS

Comstock Resources (NYSE:CRK) released its quarterly earnings data on Tuesday. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08), Zacks reports. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.

Comstock Resources Stock Performance

Shares of CRK traded down $0.42 during mid-day trading on Tuesday, hitting $17.35. The company’s stock had a trading volume of 2,105,988 shares, compared to its average volume of 2,352,994. Comstock Resources has a one year low of $14.65 and a one year high of $31.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a market capitalization of $5.09 billion, a PE ratio of 12.30 and a beta of 0.22. The stock’s 50-day moving average is $19.33 and its two-hundred day moving average is $21.17.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRK. Citigroup restated a “neutral” rating on shares of Comstock Resources in a report on Wednesday, April 15th. Morgan Stanley set a $19.00 price objective on Comstock Resources in a report on Friday, February 13th. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $27.00 to $24.00 in a report on Friday, January 16th. UBS Group set a $17.00 price objective on Comstock Resources in a report on Friday, February 13th. Finally, Wall Street Zen downgraded Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. One 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, Comstock Resources currently has a consensus rating of “Reduce” and an average price target of $20.88.

Insider Buying and Selling at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was 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. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently modified their holdings of CRK. Bayesian Capital Management LP bought a new position in Comstock Resources in the second quarter worth $243,000. Inceptionr LLC bought a new position in Comstock Resources in the fourth quarter worth $237,000. CIBC Bancorp USA Inc. bought a new position in Comstock Resources in the third quarter worth $205,000. Arax Advisory Partners lifted its position in Comstock Resources by 34.0% in the fourth quarter. Arax Advisory Partners now owns 5,502 shares of the oil and gas producer’s stock worth $128,000 after purchasing an additional 1,397 shares during the period. Finally, Wexford Capital LP bought a new position in Comstock Resources in the third quarter worth $105,000. 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.