Comstock Resources (NYSE:CRK) Shares Up 6% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) rose 6% during trading on Wednesday . The company traded as high as $15.08 and last traded at $15.0260. Approximately 397,371 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,470,679 shares. The stock had previously closed at $14.17.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRK. The Goldman Sachs Group dropped their price objective on Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, June 30th. Williams Trading set a $16.00 target price on shares of Comstock Resources in a report on Thursday, May 14th. Zacks Research lowered shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Citigroup cut their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, July 20th. Finally, Wall Street Zen raised shares of Comstock Resources from a “strong sell” rating to a “sell” rating in a research report on Monday, August 17th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources currently has a consensus rating of “Reduce” and an average price target of $14.89.

Comstock Resources Stock Performance

The company’s 50-day moving average is $13.68 and its two-hundred day moving average is $16.10. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98. The company has a market cap of $4.29 billion, a P/E ratio of 8.21 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data 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 business had revenue of $353.28 million for the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. Equities analysts predict that Comstock Resources, Inc. will post 0.4 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

Hedge funds have recently modified their holdings of the stock. CreativeOne Wealth LLC grew its holdings in Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after purchasing an additional 500 shares during the period. Natixis Advisors LLC raised its stake in shares of Comstock Resources by 2.0% in the fourth quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock valued at $689,000 after buying an additional 572 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Comstock Resources by 14.2% in the fourth quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer’s stock valued at $149,000 after buying an additional 802 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Comstock Resources by 27.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,942 shares of the oil and gas producer’s stock valued at $94,000 after buying an additional 857 shares during the last quarter. Finally, Rothschild Investment LLC lifted its position in shares of Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 1,007 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

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.