Comstock Resources, Inc. (NYSE:CRK) Receives Consensus Recommendation of “Reduce” from Analysts

Comstock Resources, Inc. (NYSE:CRK) has received a consensus recommendation of “Reduce” from the eleven brokerages that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $9.75.

CRK has been the topic of a number of research analyst reports. Mizuho cut their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Truist Financial lifted their target price on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Monday. Wolfe Research initiated coverage on Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. Finally, KeyCorp assumed coverage on Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating on the stock.

Comstock Resources Stock Up 0.3 %

Shares of NYSE CRK opened at $11.17 on Wednesday. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 50.75 and a beta of 0.48. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The business has a 50-day moving average of $10.20 and a two-hundred day moving average of $10.24. Comstock Resources has a 1 year low of $7.07 and a 1 year high of $13.39.

Comstock Resources (NYSE:CRK) last posted its earnings results 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). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. The company’s quarterly 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 Activity at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the stock in a transaction on Monday, August 5th. The shares were bought at an average price of $8.16 per share, with a total value of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the stock in a transaction on Friday, August 9th. The shares were bought at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the acquisition, the insider now owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The disclosure for this purchase can be found here. Insiders have purchased 6,712,733 shares of company stock worth $67,816,851 in the last quarter. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently added to or reduced their stakes in CRK. Stifel Financial Corp boosted its stake in shares of Comstock Resources by 2.2% during the 4th quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock worth $5,911,000 after acquiring an additional 14,683 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Comstock Resources by 57.4% during the 4th quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock worth $5,484,000 after acquiring an additional 226,021 shares in the last quarter. CastleKnight Management LP purchased a new stake in shares of Comstock Resources during the 4th quarter worth approximately $3,167,000. Caas Capital Management LP purchased a new stake in shares of Comstock Resources during the 4th quarter worth approximately $149,000. Finally, Goehring & Rozencwajg Associates LLC boosted its stake in shares of Comstock Resources by 3.6% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 498,170 shares of the oil and gas producer’s stock worth $4,409,000 after acquiring an additional 17,490 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.