Comstock Resources (NYSE:CRK) Posts Earnings Results, Misses Expectations By $0.02 EPS

Comstock Resources (NYSE:CRK) posted its quarterly earnings results on Wednesday. The oil and gas producer reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02), Zacks reports. The business had revenue of $384.36 million for the quarter, compared to analysts’ expectations of $420.97 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 earnings per share.

Comstock Resources Stock Performance

NYSE:CRK traded up $0.32 during mid-day trading on Thursday, hitting $13.70. 625,181 shares of the company traded hands, compared to its average volume of 2,529,931. Comstock Resources has a one year low of $12.12 and a one year high of $28.10. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 7.70 and a beta of 0.54. The stock’s fifty day moving average price is $13.98 and its 200-day moving average price is $16.09. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Wall Street Analyst Weigh In

CRK has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Comstock Resources in a report on Wednesday, September 2nd. Truist Financial initiated coverage on shares of Comstock Resources in a research report on Thursday, September 17th. They set a “hold” rating and a $16.00 price target for the company. Roth Capital restated a “neutral” rating and set a $14.00 price target on shares of Comstock Resources in a report on Tuesday, September 1st. Zacks Research cut Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Finally, Citigroup lowered their price target on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, July 20th. Ten analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $15.00.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.