Comstock Resources, Inc. (NYSE:CRK) Receives Consensus Rating of “Reduce” from Brokerages

Comstock Resources, Inc. (NYSE:CRK) has earned a consensus rating of “Reduce” from the thirteen brokerages that are covering the stock, Marketbeat reports. Four research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $10.31.

Several research firms have issued reports on CRK. Truist Financial boosted their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. BMO Capital Markets increased their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Bank of America started coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. bought a new stake in Comstock Resources during the 3rd quarter valued at $25,000. Sunbelt Securities Inc. increased its position in Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 1,400 shares during the period. Blue Trust Inc. purchased a new position in Comstock Resources during the 2nd quarter valued at about $32,000. EverSource Wealth Advisors LLC raised its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 3,446 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Comstock Resources by 27.5% in 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 during the period. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Price Performance

CRK opened at $15.50 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $15.84. The stock has a market capitalization of $4.53 billion, a P/E ratio of -86.67 and a beta of 0.47. The company’s 50-day simple moving average is $12.07 and its two-hundred day simple moving average is $11.09.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The firm’s revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.04 EPS. As a group, analysts predict that Comstock Resources will post -0.44 EPS for the current year.

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.