Comstock Resources (NYSE:CRK) Price Target Cut to $10.00

Comstock Resources (NYSE:CRK) had its price target reduced by Mizuho from $11.00 to $10.00 in a research note published on Monday, Benzinga reports. They currently have an underperform rating on the oil and gas producer’s stock.

CRK has been the topic of several other reports. The Goldman Sachs Group boosted their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a sell rating in a research note on Tuesday, May 28th. Truist Financial boosted their price target on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a hold rating in a research note on Monday, July 22nd. Wolfe Research initiated coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They issued a peer perform rating for the company. KeyCorp assumed coverage on Comstock Resources in a research report on Thursday, June 27th. They set a sector weight rating on the stock. Finally, Piper Sandler cut Comstock Resources from a neutral rating to an underweight rating and reduced their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $9.58.

Comstock Resources Price Performance

Shares of CRK opened at $9.95 on Monday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $13.39. The firm has a 50-day simple moving average of $10.12 and a 200-day simple moving average of $10.09. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 45.23 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities research analysts anticipate that Comstock Resources will post -0.33 earnings per share for the current year.

Insider Activity at Comstock Resources

In other news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the transaction, the insider now owns 197,298,165 shares in the company, valued at $1,740,169,815.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of Comstock Resources stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the acquisition, the insider now directly owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the stock in a transaction dated Friday, August 16th. The stock was acquired at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the transaction, the insider now directly owns 203,450,946 shares of the company’s stock, valued at $2,164,718,065.44. The disclosure for this purchase can be found here. Insiders bought 6,712,733 shares of company stock valued at $67,816,851 in the last ninety days. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently made changes to their positions in the stock. Heritage Oak Wealth Advisors LLC purchased a new stake in Comstock Resources during the 2nd quarter worth about $220,000. KGH Ltd boosted its stake in shares of Comstock Resources by 8.7% during the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after purchasing an additional 975,000 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Comstock Resources during the second quarter worth about $107,000. Susquehanna Fundamental Investments LLC raised its position in shares of Comstock Resources by 110.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 432,857 shares of the oil and gas producer’s stock valued at $4,493,000 after buying an additional 227,657 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Comstock Resources by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after buying an additional 1,656 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

About Comstock Resources

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.