Comstock Resources (NYSE:CRK) Sets New 52-Week High After Analyst Upgrade

Comstock Resources, Inc. (NYSE:CRK)’s stock price hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $11.00 to $19.00. Truist Financial currently has a hold rating on the stock. Comstock Resources traded as high as $20.57 and last traded at $19.94, with a volume of 3053960 shares. The stock had previously closed at $19.88.

Several other analysts also recently weighed in on the stock. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research note on Tuesday, October 15th. Bank of America started coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Citigroup increased their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.30.

Insiders Place Their Bets

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $15.62, for a total value of $156,200.00. Following the completion of the sale, the director now directly owns 143,781 shares of the company’s stock, valued at approximately $2,245,859.22. This represents a 6.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 38,000 shares of company stock valued at $634,660. Insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently modified their holdings of CRK. Harbor Capital Advisors Inc. purchased a new position in Comstock Resources during the third quarter valued at $25,000. Sunbelt Securities Inc. increased its holdings in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 worth $34,000 after buying an additional 3,446 shares in the last quarter. Blue Trust Inc. boosted its stake in Comstock Resources by 116.3% during the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock valued at $70,000 after buying an additional 3,611 shares during the last quarter. Finally, Choreo LLC purchased a new position in Comstock Resources during the 2nd quarter valued at approximately $105,000. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Price Performance

The firm has a market cap of $5.83 billion, a PE ratio of -110.77 and a beta of 0.51. The firm has a fifty day simple moving average of $15.77 and a two-hundred day simple moving average of $12.46. 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 (NYSE:CRK) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same period last year, the business posted $0.04 earnings per share. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. Equities analysts predict that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal 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.