Comstock Resources (NYSE:CRK) Raised to “Strong Sell” at Scotiabank

Comstock Resources (NYSE:CRK) was upgraded by analysts at Scotiabank to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Other equities analysts have also issued research reports about the stock. Truist Financial started coverage on shares of Comstock Resources in a report on Thursday, September 17th. They set a “hold” rating and a $16.00 target price on the stock. Cantor Fitzgerald restated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, September 2nd. Mizuho reduced their price target on Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday. Zacks Research cut Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Finally, Roth Capital reiterated a “neutral” rating and issued a $14.00 price objective on shares of Comstock Resources in a research report on Tuesday, September 1st. Ten equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, Comstock Resources currently has a consensus rating of “Reduce” and a consensus target price of $15.00.

Comstock Resources Price Performance

NYSE CRK traded up $0.48 during trading hours on Wednesday, reaching $13.98. 2,969,899 shares of the stock traded hands, compared to its average volume of 2,533,994. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a 50 day simple moving average of $13.94 and a two-hundred day simple moving average of $14.52. Comstock Resources has a 1 year low of $12.12 and a 1 year high of $28.10. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 7.85 and a beta of 0.52.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 EPS. On average, analysts predict that Comstock Resources will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently added to or reduced their stakes in the company. Bleakley Financial Group LLC raised its stake in shares of Comstock Resources by 3.2% during the first quarter. Bleakley Financial Group LLC now owns 36,792 shares of the oil and gas producer’s stock valued at $776,000 after acquiring an additional 1,131 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources in the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Comstock Resources in the fourth quarter worth about $36,000. International Assets Investment Management LLC grew its stake in shares of Comstock Resources by 14.8% in the first quarter. International Assets Investment Management LLC now owns 12,821 shares of the oil and gas producer’s stock worth $246,000 after purchasing an additional 1,649 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Comstock Resources during the 2nd quarter valued at about $26,000. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.