Comstock Resources (NYSE:CRK) Stock Price Down 7% – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price dropped 7% during mid-day trading on Monday . The company traded as low as $22.50 and last traded at $22.65. Approximately 703,068 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,597,270 shares. The stock had previously closed at $24.35.

Wall Street Analyst Weigh In

CRK has been the topic of a number of recent research reports. Citigroup reissued a “neutral” rating and set a $25.00 price target (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Zacks Research raised shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Piper Sandler cut their target price on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 18th. Finally, Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $27.00 to $24.00 in a report on Friday, January 16th. One equities research 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. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $20.33.

Comstock Resources Trading Down 4.0%

The stock has a fifty day moving average of $23.21 and a two-hundred day moving average of $20.43. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $6.32 billion, a PE ratio of 86.28 and a beta of 0.39.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The firm had revenue of $449.85 million for the quarter, compared to analysts’ expectations of $433.54 million. During the same period last year, the firm earned ($0.17) earnings per share. The company’s revenue for the quarter was up 47.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Several institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC bought a new stake in shares of Comstock Resources in the 1st quarter worth $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Comstock Resources by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer’s stock valued at $1,124,000 after acquiring an additional 2,697 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of 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 worth $22,107,000 after acquiring an additional 437,476 shares during the period. Intech Investment Management LLC grew its position in shares of Comstock Resources by 26.0% during the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock worth $1,328,000 after purchasing an additional 13,485 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Comstock Resources during the 2nd quarter valued at approximately $232,000. 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.