Citigroup Increases Comstock Resources (NYSE:CRK) Price Target to $24.00

Comstock Resources (NYSE:CRK) had its price target hoisted by Citigroup from $23.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective would suggest a potential upside of 24.49% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Morgan Stanley set a $19.00 price target on shares of Comstock Resources in a research report on Friday, February 13th. Wall Street Zen downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Bank of America lowered shares of Comstock Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Finally, Mizuho boosted their price target on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and a consensus target price of $20.88.

Comstock Resources Trading Down 8.5%

CRK opened at $19.28 on Tuesday. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 13.67 and a beta of 0.39. Comstock Resources has a 52 week low of $14.65 and a 52 week high of $31.17. The business’s 50 day moving average is $20.96 and its two-hundred day moving average is $21.40. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm’s revenue for the quarter was up 115.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 earnings per share. On average, research analysts predict that Comstock Resources will post 0.54 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of Comstock Resources stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Great Hill Capital LLC purchased a new stake in Comstock Resources in the 3rd quarter valued at approximately $4,075,000. Federated Hermes Inc. increased its position in Comstock Resources by 10,032.7% during the 3rd quarter. Federated Hermes Inc. now owns 359,307 shares of the oil and gas producer’s stock worth $7,125,000 after purchasing an additional 355,761 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Comstock Resources during the 3rd quarter worth approximately $2,395,000. LSP Investment Advisors LLC lifted its holdings in shares of Comstock Resources by 33.9% in the 3rd quarter. LSP Investment Advisors LLC now owns 378,900 shares of the oil and gas producer’s stock valued at $7,514,000 after buying an additional 95,900 shares during the period. Finally, Aventail Capital Group LP lifted its holdings in shares of Comstock Resources by 149.9% in the 3rd quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after buying an additional 686,002 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.