Comstock Resources (NYSE:CRK) Trading Up 3.1% – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK) shares shot up 3.1% during mid-day trading on Friday . The company traded as high as $17.17 and last traded at $17.17. 128,750 shares were traded during mid-day trading, a decline of 96% from the average session volume of 3,333,984 shares. The stock had previously closed at $16.66.

Analyst Upgrades and Downgrades

CRK has been the subject of several recent analyst reports. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research report on Tuesday, October 15th. BMO Capital Markets raised their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Bank of America assumed coverage on Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. Citigroup increased their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $10.00 to $18.00 in a research report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.78.

Comstock Resources Price Performance

The company’s 50-day simple moving average is $14.36 and its 200 day simple moving average is $11.91. The company has a market capitalization of $4.99 billion, a P/E ratio of -94.94 and a beta of 0.57. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $304.50 million during the quarter, compared to the consensus estimate of $308.75 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. As a group, sell-side analysts expect that Comstock Resources, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the transaction, the director now owns 123,781 shares in the company, valued at $2,021,343.73. This trade represents a 7.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 30,000 shares of company stock valued at $489,300. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. bought a new stake in shares of Comstock Resources in the third quarter valued at approximately $25,000. Sunbelt Securities Inc. boosted its holdings in Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 1,400 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Comstock Resources by 2,533.8% in the 2nd 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 period. Blue Trust Inc. increased its holdings in shares of Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the period. Finally, Choreo LLC acquired a new position in shares of Comstock Resources during the second quarter valued at about $105,000. 36.13% of the stock is owned by institutional investors and hedge funds.

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.