Comstock Resources Stock Rating Reaffirmed by Zacks (CRK)
Comstock Resources (NYSE:CRK)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Wednesday. They currently have a $31.00 target price on the stock. Zacks‘s target price would indicate a potential upside of 6.20% from the stock’s previous close.
Zacks’ analyst wrote, “Comstock Resources’ large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities. Supplemented with a low cost structure, Comstock remains well positioned to maintain a strong growth trajectory in the near- to medium-term. The initiation of a quarterly cash dividend has created further value for shareholders. However, the company’s highly gas-weighted reserves/production profile, along with its geographically concentrated asset base, offset these strengths and is the key area of concern, in our view. The rise in net debt/reduction of liquidity associated with the Delaware Basin acquisition is also concerning. As such, we see limited upside from current levels and maintain our Neutral recommendation on Comstock shares.”
Comstock Resources (NYSE:CRK) traded down 2.26% on Wednesday, hitting $28.53. The stock had a trading volume of 408,754 shares. Comstock Resources has a 52-week low of $14.21 and a 52-week high of $29.49. The stock’s 50-day moving average is $27.06 and its 200-day moving average is $22.27. The company has a market cap of $1.365 billion and a P/E ratio of 20.16.
Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.03. During the same quarter last year, the company posted ($0.52) earnings per share. On average, analysts predict that Comstock Resources will post $0.57 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Stifel Nicolaus raised their price target on shares of Comstock Resources from $30.00 to $33.00 in a research note on Thursday, June 26th. They now have a “buy” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Comstock Resources from $18.00 to $21.00 in a research note on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $26.67.
Comstock Resources Inc (NYSE:CRK) is engaged in the acquisition, development, production and exploration of oil and natural gas.
To view Zacks’ full report, visit Zacks’ official website.
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