Comstock Resources (NYSE:CRK) Price Target Raised to $10.00

Comstock Resources (NYSE:CRK) had its price objective hoisted by Truist Financial from $9.00 to $10.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target would suggest a potential downside of 10.43% from the company’s previous close.

Several other brokerages have also weighed in on CRK. Mizuho dropped their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. KeyCorp assumed coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They issued a “sector weight” rating on the stock. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. Finally, Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.75.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $11.17 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The business’s 50 day moving average price is $10.20 and its two-hundred day moving average price is $10.24. The company has a market cap of $3.26 billion, a PE ratio of 50.75 and a beta of 0.48. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $13.39.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. The company’s quarterly revenue was down 14.4% on a year-over-year basis. On average, analysts predict that Comstock Resources will post -0.37 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma purchased 1,044,200 shares of Comstock Resources stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average price of $10.93 per share, with a total value of $11,413,106.00. Following the completion of the transaction, the insider now directly owns 204,495,146 shares of the company’s stock, valued at approximately $2,235,131,945.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of Comstock Resources stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the purchase, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was purchased at an average price of $10.93 per share, with a total value of $11,413,106.00. Following the completion of the transaction, the insider now directly owns 204,495,146 shares in the company, valued at approximately $2,235,131,945.78. The disclosure for this purchase can be found here. Insiders acquired 6,712,733 shares of company stock valued at $67,816,851 in the last quarter. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Comstock Resources

Large investors have recently made changes to their positions in the company. Stifel Financial Corp boosted its stake in Comstock Resources by 2.2% in the fourth quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock valued at $5,911,000 after buying an additional 14,683 shares in the last quarter. Rafferty Asset Management LLC increased its position in Comstock Resources by 57.4% during the 4th quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock worth $5,484,000 after purchasing an additional 226,021 shares in the last quarter. CastleKnight Management LP bought a new position in Comstock Resources in the 4th quarter valued at approximately $3,167,000. Caas Capital Management LP acquired a new stake in Comstock Resources in the fourth quarter valued at approximately $149,000. Finally, Goehring & Rozencwajg Associates LLC grew its stake in shares of Comstock Resources by 3.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 498,170 shares of the oil and gas producer’s stock worth $4,409,000 after buying an additional 17,490 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.