Equities Analysts Offer Predictions for CRK Q3 Earnings

Comstock Resources, Inc. (NYSE:CRK) – Research analysts at KeyCorp issued their Q3 2024 earnings per share estimates for Comstock Resources in a research report issued to clients and investors on Thursday, October 17th. KeyCorp analyst T. Rezvan expects that the oil and gas producer will earn ($0.19) per share for the quarter. KeyCorp currently has a “Sector Weight” rating on the stock. The consensus estimate for Comstock Resources’ current full-year earnings is ($0.37) per share. KeyCorp also issued estimates for Comstock Resources’ Q4 2024 earnings at $0.01 EPS and FY2024 earnings at ($0.41) EPS.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s quarterly revenue was down 14.4% on a year-over-year basis.

Several other research firms also recently weighed in on CRK. Truist Financial lifted their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Mizuho reduced 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. Wolfe Research assumed coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, BMO Capital Markets raised their price target on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.79.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $11.34 on Monday. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a fifty day simple moving average of $10.85 and a two-hundred day simple moving average of $10.56. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 51.55 and a beta of 0.47.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors have recently bought and sold shares of CRK. Dimensional Fund Advisors LP increased its holdings in shares of Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares during the last quarter. KGH Ltd grew its stake in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after buying an additional 975,000 shares in the last quarter. Millennium Management LLC grew its stake in shares of Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after buying an additional 775,371 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new stake in shares of Comstock Resources during the 2nd quarter valued at about $6,544,000. Finally, American Century Companies Inc. lifted its holdings in shares of Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after acquiring an additional 362,043 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Comstock Resources

In other news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the stock in a transaction on Monday, August 26th. The shares were bought at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the acquisition, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were purchased at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the transaction, the insider now directly owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Star Exploration Corp Blue bought 825,868 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the purchase, the insider now owns 197,298,165 shares in the company, valued at $1,740,169,815.30. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 6,712,733 shares of company stock worth $67,816,851 in the last ninety days. Insiders own 1.50% of the company’s stock.

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.