Comstock Resources, Inc. (NYSE:CRK) Receives $9.75 Average PT from Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have received a consensus rating of “Reduce” from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $9.93.

A number of research firms have recently commented on CRK. Mizuho cut their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. BMO Capital Markets raised their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday. KeyCorp initiated coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating on the stock. Wolfe Research initiated coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Truist Financial raised their target price on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th.

Insider Activity

In other news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of the stock in a transaction dated Friday, August 9th. The stock was acquired at an average cost of $9.76 per share, for a total transaction of $8,060,471.68. Following the acquisition, the insider now owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $9.76 per share, for a total transaction of $8,060,471.68. Following the purchase, the insider now directly owns 198,949,901 shares in the company, valued at $1,941,751,033.76. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the purchase, the insider now owns 195,646,429 shares in the company, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRK. Stifel Financial Corp grew its stake in Comstock Resources by 2.2% during the 4th quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock worth $5,911,000 after buying an additional 14,683 shares during the last quarter. Rafferty Asset Management LLC grew its stake in shares of Comstock Resources by 57.4% in the fourth quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock worth $5,484,000 after purchasing an additional 226,021 shares in the last quarter. CastleKnight Management LP bought a new position in shares of Comstock Resources in the fourth quarter worth $3,167,000. Caas Capital Management LP bought a new position in shares of Comstock Resources in the fourth quarter worth $149,000. Finally, Goehring & Rozencwajg Associates LLC grew its stake in shares of Comstock Resources by 3.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 498,170 shares of the oil and gas producer’s stock worth $4,409,000 after purchasing an additional 17,490 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Stock Up 0.9 %

Shares of NYSE:CRK opened at $12.06 on Wednesday. The stock’s 50-day moving average price is $10.31 and its two-hundred day moving average price is $10.31. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 54.82 and a beta of 0.47.

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