Comstock Resources (NYSE:CRK) Reaches New 1-Year High After Analyst Upgrade

Comstock Resources, Inc. (NYSE:CRK)’s stock price reached a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $11.00 to $19.00. Truist Financial currently has a hold rating on the stock. Comstock Resources traded as high as $20.57 and last traded at $19.94, with a volume of 3053960 shares trading hands. The stock had previously closed at $19.88.

A number of other brokerages also recently weighed in on CRK. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a report on Tuesday, October 15th. Morgan Stanley assumed coverage on Comstock Resources in a research note on Friday, January 10th. They set an “equal weight” rating and a $18.00 target price for the company. Bank of America initiated coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $13.30.

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 8,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the completion of the sale, the director now directly owns 99,632 shares of the company’s stock, valued at approximately $1,810,313.44. This represents a 7.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 38,000 shares of company stock worth $634,660 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new stake in Comstock Resources in the 3rd quarter worth about $25,000. Sunbelt Securities Inc. boosted its stake in shares of 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 worth $27,000 after buying an additional 1,400 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 3,446 shares in the last quarter. Blue Trust Inc. increased its position in shares of Comstock Resources by 116.3% during the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 3,611 shares during the last quarter. Finally, Choreo LLC purchased a new stake in shares of Comstock Resources during the second quarter valued at approximately $105,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Up 4.4 %

The stock has a fifty day moving average of $15.94 and a 200 day moving average of $12.52. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market capitalization of $6.10 billion, a P/E ratio of -115.94 and a beta of 0.51.

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 for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The company had revenue of $304.50 million during 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 quarterly revenue was down 19.2% compared to the same quarter last year. During the same period last year, the firm posted $0.04 earnings per share. On average, research analysts anticipate that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal year.

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.