Comstock Resources (NYSE:CRK) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.54 and traded as high as $21.80. Comstock Resources shares last traded at $20.8360, with a volume of 2,049,168 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRK shares. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Mizuho lifted their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Citigroup reiterated a “neutral” rating and set a $25.00 price target (up previously from $24.00) on shares of Comstock Resources in a research note on Wednesday. Piper Sandler dropped their price objective on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $20.56.

Comstock Resources Trading Down 5.5%

The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 83.34 and a beta of 0.39. The business’s 50 day moving average price is $23.70 and its 200-day moving average price is $20.54. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.41 and a quick ratio of 0.41.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The firm had revenue of $449.85 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.17) earnings per share. Equities analysts forecast that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in Comstock Resources in the 2nd quarter valued at $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Comstock Resources in the second quarter valued at $34,000. Advisory Services Network LLC purchased a new stake in shares of Comstock Resources in the third quarter valued at $27,000. Jones Financial Companies Lllp increased its stake in Comstock Resources by 671.2% in the third quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 1,376 shares during the last quarter. Finally, iSAM Funds UK Ltd purchased a new position in Comstock Resources during the third quarter worth about $38,000. 36.13% of the stock is owned by institutional investors and hedge funds.

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.