Piper Sandler Boosts Comstock Resources (NYSE:CRK) Price Target to $6.00

Comstock Resources (NYSE:CRK) had its price target hoisted by equities researchers at Piper Sandler from $5.00 to $6.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s target price would indicate a potential downside of 69.05% from the company’s previous close.

CRK has been the subject of a number of other research reports. Truist Financial increased their target price on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, BMO Capital Markets upped their target price on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.40.

Comstock Resources Stock Performance

NYSE:CRK opened at $19.39 on Wednesday. The company has a market cap of $5.67 billion, a P/E ratio of -107.69, a P/E/G ratio of 2.53 and a beta of 0.51. The firm’s 50 day moving average is $17.72 and its two-hundred day moving average is $13.39. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $22.06. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The firm had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. Comstock Resources’s revenue was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 EPS. Analysts expect that Comstock Resources will post -0.39 EPS for the current year.

Insider Transactions at Comstock Resources

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the transaction, the director now directly owns 123,781 shares in the company, valued at $2,021,343.73. This represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Comstock Resources by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after buying an additional 57,376 shares during the last quarter. Millennium Management LLC boosted its position in Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares during the period. Royce & Associates LP grew its stake in Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after buying an additional 304,780 shares during the last quarter. Squarepoint Ops LLC increased its position in Comstock Resources by 285.9% in the second quarter. Squarepoint Ops LLC now owns 216,806 shares of the oil and gas producer’s stock worth $2,250,000 after buying an additional 160,619 shares during the period. Finally, Glenorchy Capital Ltd lifted its stake in Comstock Resources by 91.1% in the third quarter. Glenorchy Capital Ltd now owns 197,713 shares of the oil and gas producer’s stock valued at $2,201,000 after buying an additional 94,230 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.