Comstock Resources, Inc. (NYSE:CRK) Receives $15.11 Consensus Target Price from Analysts

Shares of Comstock Resources, Inc. (NYSE:CRK) have received an average recommendation of “Reduce” from the twelve brokerages that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $15.80.

Several equities analysts recently commented on the stock. Williams Trading set a $16.00 target price on shares of Comstock Resources in a research note on Thursday, May 14th. Morgan Stanley set a $15.00 price target on Comstock Resources and gave the company an “equal weight” rating in a report on Wednesday, August 19th. BMO Capital Markets reissued a “market perform” rating and set a $17.00 price objective (up from $13.00) on shares of Comstock Resources in a report on Wednesday. Mizuho boosted their price objective on Comstock Resources from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Roth Capital restated a “neutral” rating and issued a $14.00 price objective on shares of Comstock Resources in a research note on Tuesday.

Comstock Resources Trading Up 2.0%

Shares of NYSE:CRK opened at $15.25 on Wednesday. The company has a market cap of $4.48 billion, a P/E ratio of 8.57 and a beta of 0.14. The stock’s 50-day moving average is $13.86 and its 200-day moving average is $15.92. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48. Comstock Resources has a 52-week low of $12.12 and a 52-week high of $28.10.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The company’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 EPS. Equities research analysts predict that Comstock Resources will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRK. BlackRock Inc. bought a new stake in shares of Comstock Resources in the 2nd quarter worth about $176,583,000. Dragoneer Investment Group LLC bought a new position in Comstock Resources during the 4th quarter valued at about $99,632,000. Bank of America Corp DE lifted its holdings in Comstock Resources by 344.5% during the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock valued at $51,296,000 after purchasing an additional 1,436,746 shares during the last quarter. California State Teachers Retirement System boosted its position in Comstock Resources by 1,095.9% in the second quarter. California State Teachers Retirement System now owns 1,251,609 shares of the oil and gas producer’s stock valued at $18,674,000 after buying an additional 1,146,954 shares in the last quarter. Finally, Gemsstock Ltd. acquired a new position in Comstock Resources in the fourth quarter valued at about $19,186,000. 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.