Comstock Resources, Inc. (NYSE:CRK) Receives Average Rating of “Reduce” from Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have been assigned a consensus recommendation of “Reduce” from the eleven research firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.70.

A number of brokerages have weighed in on CRK. Piper Sandler set a $9.00 price target on shares of Comstock Resources and gave the company an “underweight” rating in a report on Tuesday, October 21st. Zacks Research lowered shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Roth Capital downgraded Comstock Resources from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $18.00 to $12.00 in a research report on Monday, August 18th. Morgan Stanley lowered their price target on Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, August 4th. Finally, Mizuho set a $21.00 price target on Comstock Resources and gave the company a “neutral” rating in a report on Thursday, October 16th.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $25.23 on Thursday. The company has a market cap of $7.39 billion, a price-to-earnings ratio of -105.11 and a beta of 0.24. The business has a 50 day moving average price of $18.94 and a 200 day moving average price of $20.74. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources has a twelve month low of $13.20 and a twelve month high of $31.17.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The company had revenue of $449.85 million during the quarter, compared to analyst estimates of $433.54 million. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The company’s quarterly revenue was up 47.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.17) earnings per share. Research analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wakefield Asset Management LLLP bought a new stake in Comstock Resources in the second quarter valued at $1,263,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Comstock Resources in the 2nd quarter worth about $2,610,000. Public Employees Retirement System of Ohio grew its holdings in shares of Comstock Resources by 2,433.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer’s stock worth $1,495,000 after purchasing an additional 51,897 shares during the last quarter. Fiduciary Alliance LLC acquired a new stake in shares of Comstock Resources during the 2nd quarter worth about $515,000. Finally, Delta Investment Management LLC bought a new position in Comstock Resources during the 2nd quarter valued at about $2,215,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.