According to Zacks, “Comstock's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities that continues to achieve excellent results. Supplemented with a low cost structure, Comstock remains well positioned to maintain a strong output growth trajectory in 2019. Moreover, the Jerry Jones asset contribution has helped Comstock to add oil rich assets to its portfolio as well as simplify its capital structure. However, the precarious liquidity position and high debt load are real concerns. An elevated leverage ratio of more than 68% restricts the financial freedom of the firm. Also, the company faces geographical concentration risk. Further, the weak gas pricing environment makes for a less optimistic outlook. As such, the stock warrants a cautious stance. “
Several other research firms have also issued reports on CRK. Capital One Financial lowered Comstock Resources from an equal weight rating to an underweight rating in a report on Wednesday, March 20th. ValuEngine raised Comstock Resources from a sell rating to a hold rating in a report on Friday, February 22nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Comstock Resources has a consensus rating of Hold and a consensus price target of $9.43.
NYSE CRK traded up $0.03 on Wednesday, reaching $5.79. The stock had a trading volume of 1,047 shares, compared to its average volume of 273,170. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 2.17. Comstock Resources has a 1-year low of $4.21 and a 1-year high of $12.32.
Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Thursday, May 9th. The oil and gas producer reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.05). Comstock Resources had a net margin of 6.04% and a return on equity of 14.66%. The firm had revenue of $126.88 million during the quarter, compared to analyst estimates of $130.70 million. Equities research analysts expect that Comstock Resources will post 1.04 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in Comstock Resources in the fourth quarter valued at about $6,349,000. Barclays PLC raised its position in shares of Comstock Resources by 775.8% during the fourth quarter. Barclays PLC now owns 370,507 shares of the oil and gas producer’s stock worth $1,679,000 after acquiring an additional 328,202 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Comstock Resources by 402.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 248,282 shares of the oil and gas producer’s stock worth $1,124,000 after acquiring an additional 198,846 shares during the last quarter. First Trust Advisors LP raised its position in shares of Comstock Resources by 30.1% during the first quarter. First Trust Advisors LP now owns 177,840 shares of the oil and gas producer’s stock worth $1,232,000 after acquiring an additional 41,094 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its position in shares of Comstock Resources by 195.3% during the first quarter. ExodusPoint Capital Management LP now owns 143,073 shares of the oil and gas producer’s stock worth $991,000 after acquiring an additional 94,623 shares during the last quarter. 7.23% of the stock is currently owned by institutional investors.
About Comstock Resources
Comstock Resources, Inc and its subsidiaries engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. The company is headquartered in Frisco, Texas.
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