Comstock Resources (NYSE:CRK) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) released its earnings results on Wednesday. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01, FiscalAI reports. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year.

Comstock Resources Trading Down 1.7%

CRK traded down $0.21 during trading on Thursday, hitting $12.40. 1,628,216 shares of the company’s stock were exchanged, compared to its average volume of 2,530,040. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. Comstock Resources has a 1 year low of $12.12 and a 1 year high of $28.10. The stock has a 50 day moving average price of $13.51 and a 200 day moving average price of $17.39. The firm has a market cap of $3.64 billion, a P/E ratio of 5.66 and a beta of 0.10.

Analyst Upgrades and Downgrades

CRK has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price objective 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. Citigroup dropped their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, July 20th. UBS Group reaffirmed a “sell” rating and set a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Mizuho decreased their price target on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a research note on Monday, June 29th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $15.22.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources in the third quarter valued at about $27,000. Kemnay Advisory Services Inc. acquired a new position in Comstock Resources during the 4th quarter worth approximately $29,000. iSAM Funds UK Ltd purchased a new position in Comstock Resources in the 3rd quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd purchased a new position in Comstock Resources in the 4th quarter worth approximately $62,000. Finally, EverSource Wealth Advisors LLC grew its position in Comstock Resources by 1,190.0% in the second quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer’s stock valued at $78,000 after acquiring an additional 2,606 shares in the last quarter. Institutional investors and hedge funds 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.