Comstock Resources (NYSE:CRK) Stock Price Down 9.4% Following Weak Earnings

Comstock Resources, Inc. (NYSE:CRK) shares dropped 9.4% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $15.72 and last traded at $15.7030. Approximately 1,191,122 shares were traded during trading, a decline of 49% from the average daily volume of 2,336,361 shares. The stock had previously closed at $17.33.

The oil and gas producer reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The business had revenue of $587.35 million during the quarter, compared to analysts’ expectations of $554.02 million. During the same period in the previous year, the business earned $0.18 EPS. The business’s revenue was up 14.5% on a year-over-year basis.

Analyst Ratings Changes

CRK has been the topic of several recent analyst reports. Morgan Stanley set a $19.00 price target on Comstock Resources in a report on Friday, February 13th. Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a report on Wednesday, April 15th. UBS Group set a $17.00 price target on Comstock Resources in a report on Friday, February 13th. Bank of America cut Comstock Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $27.00 to $24.00 in a report on Friday, January 16th. Finally, Wall Street Zen cut Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and a consensus target price of $20.88.

Insider Buying and Selling at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction dated 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 transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of large investors have recently modified their holdings of the company. CreativeOne Wealth LLC raised its holdings in shares of Comstock Resources by 3.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after buying an additional 500 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Comstock Resources by 2.0% during the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock valued at $689,000 after buying an additional 572 shares in the last quarter. Carrera Capital Advisors raised its holdings in shares of Comstock Resources by 0.7% during the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock valued at $1,922,000 after buying an additional 606 shares in the last quarter. Uhlmann Price Securities LLC raised its holdings in shares of Comstock Resources by 2.4% during the 3rd quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer’s stock valued at $548,000 after buying an additional 650 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Comstock Resources by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer’s stock worth $146,000 after purchasing an additional 679 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Stock Down 9.5%

The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. The stock has a 50 day simple moving average of $19.28 and a 200 day simple moving average of $21.15. The firm has a market capitalization of $4.60 billion, a PE ratio of 11.18 and a beta of 0.22.

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.