KeyCorp Initiates Coverage on Comstock Resources (NYSE:CRK)

KeyCorp began coverage on shares of Comstock Resources (NYSE:CRK) in a note issued to investors on Thursday, Benzinga reports. The firm set a “sector weight” rating on the oil and gas producer’s stock.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group increased their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Tuesday, May 28th. Mizuho increased their price target on Comstock Resources from $10.00 to $11.00 and gave the stock an “underperform” rating in a research note on Monday, May 13th. Piper Sandler cut their price target on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Thursday, March 7th. Capital One Financial lowered Comstock Resources from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Finally, Stifel Nicolaus cut their price target on Comstock Resources from $14.00 to $13.50 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $10.25.

Comstock Resources Price Performance

Shares of Comstock Resources stock opened at $10.37 on Thursday. Comstock Resources has a one year low of $7.07 and a one year high of $13.39. The stock’s fifty day moving average is $10.84 and its 200 day moving average is $9.33. The stock has a market cap of $3.03 billion, a P/E ratio of 47.14 and a beta of 0.60. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.64 and a current ratio of 0.64.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. Comstock Resources had a return on equity of 1.25% and a net margin of 4.27%. The company had revenue of $335.77 million for the quarter, compared to analysts’ expectations of $343.97 million. During the same period last year, the firm earned $0.33 EPS. Comstock Resources’s revenue for the quarter was down 31.4% compared to the same quarter last year. Sell-side analysts anticipate that Comstock Resources will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Comstock Resources by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after purchasing an additional 34,231 shares in the last quarter. KGH Ltd grew its position in Comstock Resources by 119.3% in the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock worth $94,704,000 after acquiring an additional 4,670,959 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Comstock Resources by 29.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock worth $72,035,000 after acquiring an additional 1,833,302 shares in the last quarter. American Century Companies Inc. grew its position in Comstock Resources by 7.9% in the third quarter. American Century Companies Inc. now owns 1,321,191 shares of the oil and gas producer’s stock worth $14,573,000 after acquiring an additional 96,669 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Comstock Resources by 10.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock worth $8,986,000 after acquiring an additional 93,140 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.