Mizuho Issues Pessimistic Forecast for Comstock Resources (NYSE:CRK) Stock Price

Comstock Resources (NYSE:CRK) had its target price cut by Mizuho from $20.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Mizuho’s price objective points to a potential upside of 25.73% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial initiated coverage on shares of Comstock Resources in a research report on Thursday, September 17th. They issued a “hold” rating and a $16.00 target price for the company. Scotiabank assumed coverage on shares of Comstock Resources in a research note on Wednesday. They issued an “underperform” rating and a $11.00 price objective for the company. UBS Group set a $14.00 price objective on shares of Comstock Resources and gave the stock a “sell” rating in a research note on Wednesday, September 9th. The Goldman Sachs Group boosted their price objective on shares of Comstock Resources from $9.00 to $15.00 and gave the company a “sell” rating in a report on Wednesday, September 2nd. Finally, Zacks Research lowered shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Ten analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $15.00.

Comstock Resources Price Performance

Shares of CRK opened at $13.52 on Friday. The firm has a market capitalization of $3.97 billion, a PE ratio of 7.60 and a beta of 0.52. The company’s 50-day moving average is $13.93 and its 200-day moving average is $14.52. Comstock Resources has a fifty-two week low of $12.12 and a fifty-two week high of $28.10. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48.

Comstock Resources (NYSE:CRK) last posted its earnings results 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 company had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. Comstock Resources’s quarterly revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 EPS. Equities analysts forecast that Comstock Resources will post 0.26 EPS for the current year.

Institutional Trading of Comstock Resources

Several large investors have recently made changes to their positions in CRK. Public Employees Retirement System of Ohio acquired a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $26,000. Whittier Trust Co. of Nevada Inc. bought a new position in Comstock Resources in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Comstock Resources during the fourth quarter valued at approximately $36,000. Axiom Investment Management LLC acquired a new position in Comstock Resources during the first quarter valued at approximately $63,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Comstock Resources during the second quarter valued at approximately $68,000. Institutional investors and hedge funds 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.