Truist Financial Forecasts Strong Price Appreciation for Comstock Resources (NYSE:CRK) Stock

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

A number of other equities analysts also recently weighed in on the company. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. BMO Capital Markets boosted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Citigroup raised their target price on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Bank of America began coverage on shares of Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price target for the company. Finally, Morgan Stanley began coverage on shares of Comstock Resources in a report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective for the company. Four research 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.com, the company presently has an average rating of “Hold” and a consensus price target of $13.30.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $20.87 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a market cap of $6.10 billion, a PE ratio of -115.94 and a beta of 0.51. The stock’s fifty day simple moving average is $15.94 and its two-hundred day simple moving average is $12.52. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $20.97.

Comstock Resources (NYSE:CRK) last released its quarterly 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 firm had revenue of $304.50 million for the quarter, compared to the consensus estimate of $308.75 million. During the same period in the previous year, the business earned $0.04 earnings per share. The firm’s revenue for the quarter was down 19.2% on a year-over-year basis. As a group, analysts forecast that Comstock Resources will post -0.44 EPS for the current fiscal year.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $16.33, for a total transaction of $163,300.00. Following the sale, the director now owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRK. Harbor Capital Advisors Inc. bought a new position in shares of Comstock Resources in the third quarter valued at approximately $25,000. Sunbelt Securities Inc. boosted its holdings in Comstock Resources by 140.0% in 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. EverSource Wealth Advisors LLC increased its holdings 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 purchasing an additional 3,446 shares during the period. Blue Trust Inc. increased its holdings in shares of Comstock Resources by 116.3% in the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the period. Finally, Choreo LLC purchased a new stake in shares of Comstock Resources in the second quarter worth $105,000. 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.