Comstock Resources (NYSE:CRK) Price Target Raised to $19.00 at Truist Financial

Comstock Resources (NYSE:CRK) had its price target hoisted by equities research analysts at Truist Financial from $11.00 to $19.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price objective would suggest a potential downside of 8.96% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Bank of America assumed coverage on Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research report on Tuesday, October 15th. Citigroup lifted their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, Morgan Stanley initiated coverage on Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 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, the company has an average rating of “Hold” and an average target price of $13.30.

Comstock Resources Price Performance

CRK stock opened at $20.87 on Monday. The firm has a 50 day simple moving average of $15.94 and a two-hundred day simple 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 stock has a market cap of $6.10 billion, a PE ratio of -115.94 and a beta of 0.51. Comstock Resources has a one year low of $7.07 and a one year high of $20.97.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same quarter last year, the firm posted $0.04 earnings per share. The firm’s revenue was down 19.2% on a year-over-year basis. On average, analysts predict that Comstock Resources will post -0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the transaction, the director now directly owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. The trade was a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 38,000 shares of company stock worth $634,660 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

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

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.