Comstock Resources (NYSE:CRK) Now Covered by Analysts at Bank of America

Bank of America initiated coverage on shares of Comstock Resources (NYSE:CRK) in a report released on Monday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $14.00 price target on the oil and gas producer’s stock.

CRK has been the topic of several other research reports. BMO Capital Markets raised their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a report on Tuesday, October 15th. Truist Financial lifted their price target 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. Mizuho decreased their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, Wolfe Research initiated coverage on shares of Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned 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 Price Performance

NYSE CRK opened at $12.45 on Monday. The stock’s 50-day moving average price is $10.99 and its two-hundred day moving average price is $10.65. 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 company has a market cap of $3.64 billion, a PE ratio of 56.57 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, analysts predict that Comstock Resources will post -0.37 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of Comstock Resources stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the acquisition, the insider now owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $10.93 per share, for a total transaction of $11,413,106.00. Following the completion of the acquisition, the insider now directly owns 204,495,146 shares in the company, valued at approximately $2,235,131,945.78. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 6,712,733 shares of company stock valued at $67,816,851 over the last ninety days. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRK. Harbor Capital Advisors Inc. acquired a new position in shares of Comstock Resources in the third quarter valued at $25,000. Blue Trust Inc. acquired a new stake in Comstock Resources during the second quarter worth about $32,000. EverSource Wealth Advisors LLC increased its stake in 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 during the last quarter. Hexagon Capital Partners LLC grew its position in Comstock Resources by 2,161.0% in the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 4,711 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Comstock Resources by 27.5% during the 2nd quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after purchasing an additional 1,312 shares in the last quarter. Institutional investors own 36.13% 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.