Comstock Resources (NYSE:CRK) Trading Up 6.6% – Time to Buy?

Shares of Comstock Resources, Inc. (NYSE:CRK) shot up 6.6% on Wednesday . The company traded as high as $13.52 and last traded at $13.5070. 1,171,219 shares traded hands during trading, a decline of 53% from the average session volume of 2,503,718 shares. The stock had previously closed at $12.67.

Analysts Set New Price Targets

CRK has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. UBS Group restated a “sell” rating and set a $13.00 target price (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Wall Street Zen lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Morgan Stanley decreased their target price on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, May 22nd. Finally, Citigroup reissued a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Reduce” and a consensus target price of $18.89.

Comstock Resources Price Performance

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $3.86 billion, a PE ratio of 6.00 and a beta of 0.13. The firm’s fifty day simple moving average is $15.65 and its 200-day simple moving average is $19.82.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm had revenue of $587.35 million for the quarter, compared to analysts’ expectations of $554.02 million. During the same quarter in the previous year, the company earned $0.18 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Comstock Resources, Inc. will post 0.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently bought and sold shares of the business. CreativeOne Wealth LLC boosted its holdings in shares of Comstock Resources by 3.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after acquiring an additional 500 shares during the last quarter. Natixis Advisors LLC raised its stake in Comstock Resources by 2.0% during the 4th 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 last quarter. Carrera Capital Advisors lifted its holdings in shares of Comstock Resources by 0.7% during the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock valued at $1,922,000 after buying an additional 606 shares during the period. Uhlmann Price Securities LLC boosted its stake in shares of Comstock Resources by 2.4% in the 3rd quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer’s stock worth $548,000 after buying an additional 650 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Comstock Resources by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer’s stock worth $146,000 after acquiring an additional 679 shares during the period. 36.13% of the stock is currently owned by institutional investors.

About Comstock Resources

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.