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

Shares of Comstock Resources, Inc. (NYSE:CRK) have been given a consensus recommendation of “Reduce” by the eleven analysts that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $9.75.

Several analysts have issued reports on the stock. KeyCorp began coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating for the company. Truist Financial boosted their price target on Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, July 22nd. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. The Goldman Sachs Group boosted their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Tuesday, May 28th. Finally, Wolfe Research initiated coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company.

Comstock Resources Stock Performance

NYSE CRK opened at $9.97 on Friday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39. The firm has a market capitalization of $2.91 billion, a P/E ratio of 45.27 and a beta of 0.48. The business’s 50-day simple moving average is $10.20 and its 200-day simple moving average is $10.03.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. The business’s revenue for the quarter was down 14.4% compared to the same quarter last year. Equities analysts predict that Comstock Resources will post -0.33 EPS for the current year.

Insider Activity at Comstock Resources

In other news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the acquisition, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the transaction, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the acquisition, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The disclosure for this purchase can be found here. Insiders purchased 6,712,733 shares of company stock worth $67,816,851 in the last quarter. 1.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Comstock Resources by 10.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock valued at $8,986,000 after purchasing an additional 93,140 shares during the period. BNP Paribas Financial Markets boosted its stake in Comstock Resources by 106.1% in the 4th quarter. BNP Paribas Financial Markets now owns 310,289 shares of the oil and gas producer’s stock valued at $2,746,000 after buying an additional 159,757 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Comstock Resources in the fourth quarter valued at approximately $662,000. Dimensional Fund Advisors LP increased its stake in shares of Comstock Resources by 29.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock valued at $72,035,000 after buying an additional 1,833,302 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Comstock Resources by 2.4% during the fourth quarter. Principal Financial Group Inc. now owns 594,021 shares of the oil and gas producer’s stock worth $5,257,000 after acquiring an additional 13,753 shares during the last quarter. 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.