Comstock Resources (NYSE:CRK) Shares Gap Down – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $15.57, but opened at $15.25. Comstock Resources shares last traded at $15.40, with a volume of 60,509 shares.

Analyst Upgrades and Downgrades

CRK has been the topic of a number of research analyst reports. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research report on Tuesday, October 15th. BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Bank of America assumed coverage on Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. Mizuho dropped their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial increased their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.31.

Comstock Resources Trading Down 1.0 %

The company’s fifty day moving average is $12.40 and its two-hundred day moving average is $11.19. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of -85.66 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data 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). The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. Comstock Resources’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same period last year, the firm posted $0.04 earnings per share. On average, research analysts predict that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRK. Price T Rowe Associates Inc. MD lifted its stake in Comstock Resources by 7.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 58,821 shares of the oil and gas producer’s stock worth $546,000 after purchasing an additional 4,053 shares during the last quarter. Keynote Financial Services LLC purchased a new stake in shares of Comstock Resources during the 1st quarter worth approximately $930,000. GAMMA Investing LLC boosted its holdings in shares of Comstock Resources by 27.5% in the 2nd quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after buying an additional 1,312 shares in the last quarter. Simplicity Wealth LLC grew its position in shares of Comstock Resources by 5.7% in the 2nd quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock valued at $296,000 after buying an additional 1,552 shares during the last quarter. Finally, Sanders Morris Harris LLC raised its stake in Comstock Resources by 8.1% during the 2nd quarter. Sanders Morris Harris LLC now owns 200,000 shares of the oil and gas producer’s stock worth $2,076,000 after acquiring an additional 15,000 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.