Comstock Resources (NYSE:CRK) Announces Earnings Results, Misses Estimates By $0.02 EPS

Comstock Resources (NYSE:CRK) released its quarterly earnings results on Wednesday. The oil and gas producer reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02), Zacks reports. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%. During the same quarter in the prior year, the business earned $0.09 EPS. Comstock Resources’s revenue for the quarter was down 14.6% on a year-over-year basis.

Comstock Resources Stock Performance

Shares of CRK traded down $0.44 on Wednesday, reaching $13.40. The company’s stock had a trading volume of 4,211,634 shares, compared to its average volume of 2,452,689. Comstock Resources has a 12-month low of $12.12 and a 12-month high of $28.10. The stock’s 50 day simple moving average is $13.98 and its two-hundred day simple moving average is $16.09. The stock has a market capitalization of $3.93 billion, a P/E ratio of 32.19 and a beta of 0.54. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRK shares. Citigroup reduced their target price on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, July 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Comstock Resources in a research report on Monday, August 17th. Truist Financial assumed coverage on shares of Comstock Resources in a report on Thursday, September 17th. They issued a “hold” rating and a $16.00 price target on the stock. UBS Group set a $14.00 price objective on Comstock Resources and gave the company a “sell” rating in a research note on Wednesday, September 9th. Finally, Morgan Stanley set a $13.00 target price on shares of Comstock Resources and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Ten analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $15.00.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.