Comstock Resources (NYSE:CRK) Stock Bumped Up to Strong Sell by Scotiabank

Scotiabank upgraded shares of Comstock Resources (NYSE:CRK) to a strong sell rating in a research note published on Wednesday morning,Zacks reports.

CRK has been the subject of several other research reports. Zacks Research lowered shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. The Goldman Sachs Group upped their price target on shares of Comstock Resources from $9.00 to $15.00 and gave the company a “sell” rating in a report on Wednesday, September 2nd. BMO Capital Markets reiterated a “market perform” rating and set a $17.00 price target (up from $13.00) on shares of Comstock Resources in a report on Wednesday, September 2nd. Mizuho reduced their price objective on shares of Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Wall Street Zen lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday. Ten analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, Comstock Resources has an average rating of “Reduce” and a consensus price target of $15.00.

Comstock Resources Trading Up 3.6%

CRK traded up $0.48 during trading on Wednesday, reaching $13.98. The company had a trading volume of 2,969,899 shares, compared to its average volume of 2,533,994. The stock has a market cap of $4.11 billion, a P/E ratio of 7.85 and a beta of 0.52. The business has a 50 day simple moving average of $13.94 and a 200-day simple moving average of $14.52. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last posted 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. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. During the same period in the previous year, the firm earned $0.13 earnings per share. Comstock Resources’s quarterly revenue was down 24.9% compared to the same quarter last year. On average, equities analysts anticipate that Comstock Resources will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently bought and sold shares of CRK. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources during the first quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Comstock Resources during the fourth quarter valued at $36,000. Public Employees Retirement System of Ohio bought a new position in shares of Comstock Resources in the second quarter worth about $26,000. Axiom Investment Management LLC bought a new position in shares of Comstock Resources in the first quarter worth about $63,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Comstock Resources in the 2nd quarter worth about $68,000. Institutional investors own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.