Truist Financial Raises Comstock Resources (NYSE:CRK) Price Target to $10.00

Comstock Resources (NYSE:CRK) had its price objective boosted by Truist Financial from $9.00 to $10.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s target price points to a potential downside of 10.15% from the company’s current price.

A number of other brokerages have also weighed in on CRK. Mizuho cut their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. KeyCorp began coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They issued a “sector weight” rating for the company. Wolfe Research started coverage on Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” 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 research report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.75.

Comstock Resources Stock Performance

CRK stock traded up $0.03 during mid-day trading on Monday, hitting $11.13. The company had a trading volume of 85,578 shares, compared to its average volume of 3,767,722. The stock’s fifty day moving average price is $10.19 and its two-hundred day moving average price is $10.22. 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 12 month low of $7.07 and a 12 month high of $13.39. The firm has a market cap of $3.25 billion, a PE ratio of 50.77 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business’s revenue was down 14.4% compared to the same quarter last year. On average, analysts forecast that Comstock Resources will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Comstock Resources

In related news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the purchase, the insider now directly owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,712,733 shares of company stock valued at $67,816,851 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after purchasing an additional 2,438,252 shares during the last quarter. KGH Ltd increased its stake in shares of Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after buying an additional 975,000 shares during the period. Millennium Management LLC raised its holdings in Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new stake in Comstock Resources during the 2nd quarter valued at $6,544,000. Finally, American Century Companies Inc. boosted its position in Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after buying an additional 362,043 shares during the period. 36.13% of the stock is owned by institutional investors.

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.