Comstock Resources (NYSE:CRK) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Comstock Resources, Inc. (NYSE:CRK) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $20.78 and traded as high as $23.08. Comstock Resources shares last traded at $22.1190, with a volume of 2,037,864 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRK shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Mizuho lifted their price objective on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, December 12th. UBS Group reiterated a “sell” rating and issued a $18.00 price objective (up from $16.00) on shares of Comstock Resources in a research report on Friday, December 12th. Finally, Piper Sandler dropped their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Tuesday, November 18th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $20.60.

Comstock Resources Stock Performance

The stock has a 50-day moving average of $23.48 and a 200-day moving average of $20.78. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 88.48 and a beta of 0.39. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.41 and a current ratio of 0.41.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. Comstock Resources had a net margin of 3.14% and a return on equity of 6.71%. The company had revenue of $449.85 million during the quarter, compared to analysts’ expectations of $433.54 million. During the same period last year, the business earned ($0.17) EPS. The business’s quarterly revenue was up 47.8% on a year-over-year basis. As a group, analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its stake in shares of Comstock Resources by 344.5% during the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after buying an additional 1,436,746 shares during the last quarter. Aventail Capital Group LP raised its holdings in Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after acquiring an additional 686,002 shares in the last quarter. Man Group plc boosted its position in Comstock Resources by 1,752.8% during the third quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock valued at $11,902,000 after purchasing an additional 567,810 shares during the last quarter. Marshall Wace LLP acquired a new position in Comstock Resources during the third quarter valued at approximately $8,961,000. Finally, Goldman Sachs Group Inc. grew its stake in Comstock Resources by 67.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock valued at $22,107,000 after purchasing an additional 437,476 shares in the last quarter. 36.13% of the stock is owned by institutional investors.

Comstock Resources Company Profile

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.