Brokerages Set Comstock Resources, Inc. (NYSE:CRK) PT at $10.31

Comstock Resources, Inc. (NYSE:CRK) has been assigned an average recommendation of “Reduce” from the thirteen research firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $10.31.

Several research firms recently weighed in on CRK. BMO Capital Markets lifted their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Bank of America initiated coverage on shares of Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price target on the stock. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a research report on Tuesday, October 15th. Mizuho reduced their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial increased their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th.

Insider Transactions at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction on Monday, August 26th. The shares were purchased at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the purchase, the insider now directly owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The trade was a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRK. Barclays PLC lifted its holdings in shares of Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after purchasing an additional 111,934 shares during the period. Sunbelt Securities Inc. boosted its holdings in Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 1,400 shares during the last quarter. XTX Topco Ltd increased its position in Comstock Resources by 74.1% during the 3rd quarter. XTX Topco Ltd now owns 50,127 shares of the oil and gas producer’s stock valued at $558,000 after purchasing an additional 21,336 shares during the period. Weiss Asset Management LP acquired a new position in shares of Comstock Resources in the 3rd quarter worth approximately $1,263,000. Finally, Verition Fund Management LLC boosted its stake in shares of Comstock Resources by 267.8% in the 3rd quarter. Verition Fund Management LLC now owns 141,143 shares of the oil and gas producer’s stock valued at $1,571,000 after purchasing an additional 102,767 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Performance

NYSE:CRK opened at $15.16 on Thursday. The stock has a market capitalization of $4.43 billion, a P/E ratio of -84.22 and a beta of 0.47. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. Comstock Resources has a 1 year low of $7.07 and a 1 year high of $15.84. The firm has a 50 day moving average of $12.07 and a 200-day moving average of $11.08.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter last year, the company earned $0.04 EPS. The firm’s quarterly revenue was down 19.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Comstock Resources will post -0.44 EPS for the current fiscal year.

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.