Comstock Resources (NYSE:CRK) Hits New 12-Month High – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $17.90 and last traded at $17.90, with a volume of 10127 shares trading hands. The stock had previously closed at $17.09.

Analyst Ratings Changes

CRK has been the subject of a number of analyst reports. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a research note on Tuesday, October 15th. Truist Financial increased their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. BMO Capital Markets boosted their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Citigroup boosted their target price 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, Bank of America initiated coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target for the company. Four investment 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’s stock. According to MarketBeat.com, Comstock Resources presently has an average rating of “Hold” and an average price target of $11.78.

Comstock Resources Trading Up 4.7 %

The company has a 50-day simple moving average of $14.36 and a 200 day simple moving average of $11.91. The firm has a market cap of $5.23 billion, a PE ratio of -99.44 and a beta of 0.57. 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 (NYSE:CRK) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. Comstock Resources’s revenue was down 19.2% on a year-over-year basis. During the same quarter last year, the business earned $0.04 earnings per share. As a group, sell-side analysts forecast that Comstock Resources, Inc. will post -0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.62, for a total transaction of $156,200.00. Following the completion of the sale, the director now directly owns 143,781 shares of the company’s stock, valued at approximately $2,245,859.22. This trade represents a 6.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 30,000 shares of company stock valued at $489,300 in the last 90 days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the company. Royce & Associates LP boosted its position in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after acquiring an additional 304,780 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Comstock Resources by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after purchasing an additional 57,376 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Comstock Resources in the 3rd quarter valued at about $419,000. Goehring & Rozencwajg Associates LLC boosted its position in shares of Comstock Resources by 27.8% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock valued at $7,095,000 after purchasing an additional 148,700 shares during the period. Finally, HITE Hedge Asset Management LLC purchased a new position in Comstock Resources during the 2nd quarter worth approximately $6,544,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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.