Bank of America Begins Coverage on Comstock Resources (NYSE:CRK)

Bank of America began coverage on shares of Comstock Resources (NYSE:CRK) in a research note issued to investors on Monday, Marketbeat.com reports. The firm issued a buy rating and a $14.00 price target on the oil and gas producer’s stock.

CRK has been the topic of a number of other research reports. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. BMO Capital Markets increased their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Mizuho reduced their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Finally, Truist Financial increased their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.31.

Comstock Resources Stock Performance

CRK stock opened at $11.56 on Monday. The firm has a 50 day simple moving average of $11.02 and a 200 day simple moving average of $10.67. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The stock has a market cap of $3.38 billion, a P/E ratio of -64.22 and a beta of 0.47. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same period last year, the business earned $0.04 EPS. The company’s quarterly revenue was down 19.2% on a year-over-year basis. Research analysts anticipate that Comstock Resources will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 1,044,200 shares of the stock in a transaction dated Tuesday, August 20th. The shares were bought at an average cost of $10.93 per share, with a total value of $11,413,106.00. Following the completion of the transaction, the insider now owns 204,495,146 shares in the company, valued at $2,235,131,945.78. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Drilling L.P. Arkoma acquired 1,044,200 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were bought at an average price of $10.93 per share, for a total transaction of $11,413,106.00. Following the acquisition, the insider now owns 204,495,146 shares in the company, valued at approximately $2,235,131,945.78. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 6,712,733 shares of company stock valued at $67,816,851. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently added to or reduced their stakes in CRK. KGH Ltd raised its holdings in Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after acquiring an additional 975,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Comstock Resources by 26.3% during the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after buying an additional 2,438,252 shares in the last quarter. Vanguard Group Inc. increased its holdings in Comstock Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after buying an additional 34,231 shares during the period. American Century Companies Inc. raised its stake in shares of Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after buying an additional 362,043 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of 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 worth $9,086,000 after acquiring an additional 775,371 shares during the period. 36.13% of the stock is 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.