Bank of America Downgrades Comstock Resources (NYSE:CRK) to Neutral

Comstock Resources (NYSE:CRK) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday,Finviz reports. They currently have a $24.00 price objective on the oil and gas producer’s stock. Bank of America‘s price target indicates a potential upside of 15.19% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Mizuho lifted their target price on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. 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 note on Friday, December 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Citigroup reissued a “neutral” rating and issued a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a report on Wednesday. Finally, Piper Sandler lowered their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 18th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $20.22.

Comstock Resources Stock Down 5.5%

Shares of NYSE:CRK opened at $20.84 on Friday. The company has a market capitalization of $6.11 billion, a PE ratio of 83.34 and a beta of 0.39. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19. Comstock Resources has a twelve month low of $14.65 and a twelve month high of $31.17. The firm has a 50 day simple moving average of $23.70 and a 200-day simple moving average of $20.54.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. Comstock Resources had a net margin of 3.14% and a return on equity of 6.71%. The firm had revenue of $449.85 million for the quarter, compared to analyst estimates of $433.54 million. During the same period last year, the business earned ($0.17) EPS. Comstock Resources’s revenue for the quarter was up 47.8% compared to the same quarter last year. On average, equities analysts predict that Comstock Resources will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently modified their holdings of CRK. Advisory Services Network LLC purchased a new position in Comstock Resources in the 3rd quarter valued at $27,000. Legacy Investment Solutions LLC acquired a new stake in shares of Comstock Resources in the 2nd quarter worth $29,000. Jones Financial Companies Lllp lifted its stake in shares of 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 period. Atlantic Union Bankshares Corp purchased a new stake in shares of Comstock Resources in the second quarter valued at about $34,000. Finally, iSAM Funds UK Ltd acquired a new position in shares of Comstock Resources during the third quarter worth about $38,000. Hedge funds and other 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.