Comstock Resources (NYSE:CRK) Reaches New 1-Year High – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $21.99 and last traded at $21.88, with a volume of 896180 shares trading hands. The stock had previously closed at $20.97.

Analyst Ratings Changes

CRK has been the subject of a number of research analyst reports. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $10.00 to $18.00 in a research report on Monday, December 16th. BMO Capital Markets boosted their target price 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. Citigroup increased their target price on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley began coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective on the stock. Finally, Truist Financial raised their target price on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.30.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of -121.24, a PEG ratio of 2.53 and a beta of 0.51. The firm’s fifty day simple moving average is $16.77 and its 200 day simple moving average is $12.90.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $308.75 million. During the same period in the previous year, the business posted $0.04 EPS. Comstock Resources’s revenue was down 19.2% compared to the same quarter last year. On average, sell-side analysts forecast that Comstock Resources, Inc. will post -0.39 EPS for the current year.

Insider Activity

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now owns 123,781 shares in the company, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 38,000 shares of company stock valued at $634,660 in the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds have recently made changes to their positions in CRK. KGH Ltd boosted its position in shares of Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the last quarter. Millennium Management LLC boosted its position in shares of Comstock Resources by 775.4% during the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Comstock Resources during the second quarter valued at approximately $6,544,000. Royce & Associates LP boosted its position in Comstock Resources by 79.2% in the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after purchasing an additional 304,780 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its position in Comstock Resources by 110.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 432,857 shares of the oil and gas producer’s stock worth $4,493,000 after purchasing an additional 227,657 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

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.