Comstock Resources, Inc. (NYSE:CRK) Receives $20.22 Average PT from Analysts

Shares of Comstock Resources, Inc. (NYSE:CRK) have received an average rating of “Reduce” from the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $20.2222.

A number of equities analysts have recently weighed in on CRK shares. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and cut their target price for the stock from $27.00 to $24.00 in a research note on Friday, January 16th. Mizuho raised their target price on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Citigroup reissued a “neutral” rating and issued a $25.00 price target (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. UBS Group restated a “sell” rating and set a $18.00 price target (up previously from $16.00) on shares of Comstock Resources in a research report on Friday, December 12th. Finally, Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th.

Comstock Resources Stock Performance

NYSE CRK opened at $24.48 on Tuesday. The company has a fifty day moving average price of $23.52 and a 200-day moving average price of $20.45. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 97.92 and a beta of 0.39. 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 has a 1 year low of $14.65 and a 1 year high of $31.17.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $433.54 million. During the same period last year, the firm earned ($0.17) earnings per share. The firm’s revenue was up 47.8% on a year-over-year basis. As a group, equities research analysts predict that Comstock Resources will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC bought a new position in Comstock Resources during the third quarter valued at $27,000. Legacy Investment Solutions LLC purchased a new stake in Comstock Resources in the 2nd quarter worth about $29,000. Jones Financial Companies Lllp increased its holdings in Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 1,376 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in Comstock Resources in the 2nd quarter valued at about $34,000. Finally, iSAM Funds UK Ltd purchased a new stake in Comstock Resources during the third quarter valued at about $38,000. Institutional investors own 36.13% of the company’s stock.

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.