Comstock Resources, Inc. (NYSE:CRK) Receives $19.78 Average PT from Brokerages

Comstock Resources, Inc. (NYSE:CRK) has earned a consensus rating of “Reduce” from the ten analysts that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $18.8889.

Several research firms have recently weighed in on CRK. Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. Morgan Stanley decreased their price objective on Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, May 22nd. UBS Group reissued a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Mizuho decreased their price objective on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Wall Street Zen downgraded Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th.

Comstock Resources Stock Performance

Shares of CRK opened at $13.34 on Monday. The stock has a 50 day moving average price of $17.20 and a 200 day moving average price of $20.58. 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 company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 6.09 and a beta of 0.22. Comstock Resources has a 52-week low of $12.84 and a 52-week high of $31.17.

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). The business had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.02 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. Research analysts predict that Comstock Resources will post 0.64 EPS for the current fiscal year.

Insider Activity at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares in the company, valued at $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently modified their holdings of the stock. Axiom Investment Management LLC purchased a new stake in shares of Comstock Resources during the first quarter worth approximately $63,000. Liontrust Investment Partners LLP raised its stake in shares of Comstock Resources by 877.8% during the first quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock worth $2,718,000 after purchasing an additional 115,752 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Comstock Resources by 5.5% during the first quarter. Bank of America Corp DE now owns 726,140 shares of the oil and gas producer’s stock worth $15,307,000 after purchasing an additional 38,060 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Comstock Resources by 30.5% during the first quarter. California State Teachers Retirement System now owns 104,655 shares of the oil and gas producer’s stock worth $2,206,000 after purchasing an additional 24,486 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Comstock Resources by 3.6% during the first quarter. Royal Bank of Canada now owns 151,930 shares of the oil and gas producer’s stock worth $3,202,000 after purchasing an additional 5,288 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.