Citigroup Cuts Comstock Resources (NYSE:CRK) Price Target to $16.00

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

Several other analysts have also recently issued reports on CRK. The Goldman Sachs Group cut their price target on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a report on Tuesday, June 30th. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the stock an “equal weight” rating in a report on Monday, June 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday, May 20th. UBS Group restated a “sell” rating and issued a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Finally, Zacks Research cut shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Comstock Resources presently has an average rating of “Reduce” and a consensus price target of $15.22.

Comstock Resources Price Performance

CRK stock opened at $14.03 on Monday. The stock’s 50 day moving average is $13.68 and its two-hundred day moving average is $17.73. Comstock Resources has a 52-week low of $12.44 and a 52-week high of $28.10. The company has a market capitalization of $4.12 billion, a PE ratio of 6.41 and a beta of 0.10. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business had revenue of $587.35 million for the quarter, compared to analysts’ expectations of $554.01 million. During the same quarter last year, the company posted $0.18 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts predict that Comstock Resources will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rothschild Investment LLC boosted its holdings in Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources during the third quarter worth $27,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Comstock Resources during the first quarter worth $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Comstock Resources during the fourth quarter worth $29,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 1,290 shares during the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

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.