Comstock Resources (NYSE:CRK) Stock Price Up 8.5% – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK) shot up 8.5% during trading on Wednesday . The stock traded as high as $24.65 and last traded at $24.1670. 941,384 shares were traded during trading, a decline of 60% from the average session volume of 2,365,980 shares. The stock had previously closed at $22.28.

Analyst Ratings Changes

Several research firms have issued reports on CRK. UBS Group restated a “sell” rating and set a $18.00 price objective (up previously from $16.00) on shares of Comstock Resources in a report on Friday, December 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Citigroup restated a “neutral” rating and issued a $25.00 price target (up previously from $24.00) on shares of Comstock Resources in a research report on Wednesday, January 14th. Zacks Research raised shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Bank of America downgraded shares of Comstock Resources from a “buy” rating to a “neutral” rating and cut their target price for the company from $27.00 to $24.00 in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Comstock Resources presently has an average rating of “Reduce” and a consensus price target of $20.22.

Comstock Resources Stock Performance

The firm has a 50-day simple moving average of $23.55 and a two-hundred day simple moving average of $20.39. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 95.77 and a beta of 0.39. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19.

Comstock Resources (NYSE:CRK) last posted its earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. The firm had revenue of $449.85 million during the quarter, compared to analysts’ expectations of $433.54 million. Comstock Resources had a net margin of 3.14% and a return on equity of 6.71%. The company’s 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. As a group, sell-side analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Several hedge funds have recently added to or reduced their stakes in CRK. Bank of America Corp DE grew its position in Comstock Resources by 5.1% during the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock worth $38,643,000 after buying an additional 94,856 shares in the last quarter. Woodline Partners LP boosted its stake in Comstock Resources by 50.5% in the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock worth $24,429,000 after purchasing an additional 413,611 shares in the last quarter. Aventail Capital Group LP grew its holdings in shares of Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after purchasing an additional 686,002 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Comstock Resources by 67.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock valued at $22,107,000 after buying an additional 437,476 shares in the last quarter. Finally, Man Group plc lifted its position in Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after buying an additional 567,810 shares in 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.