Comstock Resources (NYSE:CRK) Trading 6.1% Higher – Still a Buy?

Comstock Resources, Inc. (NYSE:CRK) shares were up 6.1% during trading on Wednesday . The company traded as high as $14.00 and last traded at $14.09. 1,712,250 shares traded hands during trading, a decline of 32% from the average session volume of 2,528,516 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

CRK has been the topic of several analyst reports. Morgan Stanley set a $16.00 target price on Comstock Resources and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. Williams Trading set a $16.00 price target on shares of Comstock Resources in a research report on Thursday, May 14th. The Goldman Sachs Group cut their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, June 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Comstock Resources has an average rating of “Reduce” and a consensus price target of $15.22.

Comstock Resources Trading Down 2.0%

The firm has a 50-day moving average of $13.66 and a 200 day moving average of $17.66. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 6.27 and a beta of 0.10.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.01 million. During the same quarter last year, the firm posted $0.18 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that Comstock Resources, Inc. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC raised its position in shares of Comstock Resources by 1,200.3% during the fourth quarter. SG Americas Securities LLC now owns 331,937 shares of the oil and gas producer’s stock worth $7,694,000 after purchasing an additional 306,410 shares during the period. Goehring & Rozencwajg Associates LLC grew its position in Comstock Resources by 34.8% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer’s stock valued at $18,168,000 after purchasing an additional 222,569 shares in the last quarter. BW Gestao de Investimentos Ltda. grew its holdings in shares of Comstock Resources by 163.7% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 152,100 shares of the oil and gas producer’s stock valued at $3,526,000 after acquiring an additional 94,418 shares in the last quarter. Rahlfs Capital LLC purchased a new stake in shares of Comstock Resources during the fourth quarter worth $1,144,000. Finally, Gemsstock Ltd. acquired a new stake in Comstock Resources during the fourth quarter valued at $19,186,000. 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.