Comstock Resources (NYSE:CRK) Reaches New 52-Week Low – Should You Sell?

Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week low on Wednesday . The stock traded as low as $13.16 and last traded at $13.19, with a volume of 2674318 shares changing hands. The stock had previously closed at $13.94.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Citigroup restated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Williams Trading set a $16.00 target price on Comstock Resources in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday, May 20th. Morgan Stanley dropped their price objective on Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, May 22nd. Finally, Wall Street Zen lowered Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. One research analyst has 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.com, the stock currently has a consensus rating of “Reduce” and an average price target of $19.78.

Comstock Resources Price Performance

The firm has a market capitalization of $3.87 billion, a P/E ratio of 6.02 and a beta of 0.22. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The firm has a 50-day moving average of $17.63 and a 200-day moving average of $20.75.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $587.35 million during the quarter, compared to analysts’ expectations of $554.02 million. During the same quarter last year, the company earned $0.18 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, analysts predict that Comstock Resources, Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors have recently bought and sold shares of the company. Dragoneer Investment Group LLC acquired a new position in Comstock Resources during the fourth quarter valued at $99,632,000. Bank of America Corp DE raised its holdings in Comstock Resources by 344.5% in the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock valued at $51,296,000 after acquiring an additional 1,436,746 shares during the last quarter. Gemsstock Ltd. purchased a new stake in shares of Comstock Resources in the 4th quarter valued at approximately $19,186,000. Aventail Capital Group LP grew its stake 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. Finally, First Trust Advisors LP increased its holdings in Comstock Resources by 143.2% in the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer’s stock valued at $22,759,000 after purchasing an additional 635,781 shares during the last quarter. 36.13% of the stock is currently 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.