Comstock Resources (NYSE:CRK) Stock Lifted to Sell by Wall Street Zen

Wall Street Zen upgraded shares of Comstock Resources (NYSE:CRK) from a strong sell rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

CRK has been the topic of several other reports. UBS Group set a $14.00 price objective on shares of Comstock Resources and gave the company a “sell” rating in a research report on Wednesday, September 9th. Mizuho increased their target price on Comstock Resources from $19.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, September 1st. Cantor Fitzgerald reissued a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, September 2nd. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Finally, Roth Capital reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Comstock Resources in a research report on Tuesday, September 1st. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $15.75.

Comstock Resources Stock Performance

Shares of CRK stock opened at $12.80 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. The company’s 50 day moving average price is $13.80 and its two-hundred day moving average price is $15.06. The company has a market capitalization of $3.76 billion, a P/E ratio of 7.19 and a beta of 0.52.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Comstock Resources in the 2nd quarter valued at about $176,583,000. Dragoneer Investment Group LLC bought a new stake in shares of Comstock Resources in the 4th quarter valued at about $99,632,000. Gemsstock Ltd. acquired a new stake in Comstock Resources in the 4th quarter valued at about $19,186,000. First Trust Advisors LP lifted its stake in Comstock Resources by 143.2% in the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer’s stock valued at $22,759,000 after purchasing an additional 635,781 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Comstock Resources in the 2nd quarter valued at about $8,311,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

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.