Analysts Issue Forecasts for Comstock Resources, Inc.’s Q3 2024 Earnings (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) – Analysts at Capital One Financial reduced their Q3 2024 earnings estimates for Comstock Resources in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will post earnings of ($0.16) per share for the quarter, down from their previous estimate of ($0.03). The consensus estimate for Comstock Resources’ current full-year earnings is ($0.33) per share. Capital One Financial also issued estimates for Comstock Resources’ FY2024 earnings at ($0.36) EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.37 EPS and FY2026 earnings at $0.70 EPS.

A number of other equities analysts also recently commented on CRK. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Truist Financial boosted their price objective 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. Mizuho cut their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group lifted their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. Finally, Wolfe Research initiated coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.58.

Comstock Resources Stock Performance

Shares of NYSE:CRK opened at $10.83 on Friday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 49.23 and a beta of 0.48. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm has a 50 day moving average of $10.11 and a 200 day moving average of $10.10.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The business had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s revenue for the quarter was down 14.4% compared to the same quarter last year.

Institutional Investors Weigh In On Comstock Resources

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. purchased a new stake in Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC boosted its holdings in Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 3,446 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Comstock Resources by 428.9% in the first quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Comstock Resources by 2,161.0% in the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Comstock Resources in the first quarter valued at $91,000. 36.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $10.64 per share, with a total value of $6,101,539.92. Following the completion of the acquisition, the insider now directly owns 203,450,946 shares of the company’s stock, valued at $2,164,718,065.44. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were bought at an average cost of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the acquisition, 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 have purchased 6,712,733 shares of company stock valued at $67,816,851 over the last ninety days. 1.50% of the stock is currently owned by insiders.

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.