Comstock Resources (NYSE:CRK) Upgraded at Scotiabank

Comstock Resources (NYSE:CRK) was upgraded by stock analysts at Scotiabank to a “strong sell” rating in a report released on Wednesday, Zacks reports.

CRK has been the topic of several other research reports. Roth Capital reiterated a “neutral” rating and set a $14.00 price target on shares of Comstock Resources in a report on Tuesday, September 1st. Morgan Stanley set a $13.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a report on Thursday. Zacks Research cut shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Wall Street Zen cut shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Truist Financial began coverage on shares of Comstock Resources in a research note on Thursday, September 17th. They set a “hold” rating and a $16.00 target price on the stock. Ten equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $15.00.

Comstock Resources Trading Up 3.6%

Comstock Resources stock traded up $0.48 during trading on Wednesday, reaching $13.98. 2,969,899 shares of the company were exchanged, compared to its average volume of 2,533,994. Comstock Resources has a 52-week low of $12.12 and a 52-week high of $28.10. The company has a market capitalization of $4.11 billion, a P/E ratio of 7.85 and a beta of 0.52. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The stock’s 50 day simple moving average is $13.94 and its two-hundred day simple moving average is $14.52.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $353.28 million for the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. On average, equities research analysts expect that Comstock Resources will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently made changes to their positions in CRK. Old West Investment Management LLC acquired a new position in shares of Comstock Resources in the 2nd quarter worth approximately $4,104,000. BlackRock Inc. purchased a new position in shares of Comstock Resources during the 2nd quarter worth approximately $176,583,000. Bank of New York Mellon Corp acquired a new stake in Comstock Resources in the 2nd quarter valued at approximately $8,311,000. GSA Capital Partners LLP acquired a new stake in Comstock Resources in the 2nd quarter valued at approximately $2,028,000. Finally, Liontrust Investment Partners LLP increased its holdings in Comstock Resources by 877.8% in the 1st quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock valued at $2,718,000 after purchasing an additional 115,752 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, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.