Comstock Resources, Inc. (NYSE:CRK) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have been assigned a consensus recommendation of “Reduce” from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $20.60.

Several equities research analysts recently issued reports on the company. Zacks Research raised Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. UBS Group reiterated a “sell” rating and set a $18.00 target price (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Piper Sandler reduced their price target on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 18th. Mizuho boosted their price objective on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently added to or reduced their stakes in the stock. Wakefield Asset Management LLLP bought a new position in Comstock Resources in the 2nd quarter worth about $1,263,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Comstock Resources during the second quarter worth approximately $2,610,000. Public Employees Retirement System of Ohio grew its holdings in Comstock Resources by 2,433.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer’s stock worth $1,495,000 after buying an additional 51,897 shares in the last quarter. Fiduciary Alliance LLC bought a new position in Comstock Resources in the 2nd quarter worth approximately $515,000. Finally, Delta Investment Management LLC acquired a new stake in Comstock Resources in the 2nd quarter valued at approximately $2,215,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Stock Up 1.3%

NYSE:CRK opened at $23.37 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.41 and a current ratio of 0.41. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 93.46 and a beta of 0.33. Comstock Resources has a one year low of $14.65 and a one year high of $31.17. The stock has a 50-day simple moving average of $22.47 and a 200 day simple moving average of $21.06.

Comstock Resources (NYSE:CRK) last released its earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The company had revenue of $449.85 million for the quarter, compared to the consensus estimate of $433.54 million. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.Comstock Resources’s quarterly revenue was up 47.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. Sell-side analysts predict that Comstock Resources will post 0.54 EPS for the current fiscal year.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.