Comstock Resources, Inc. (NYSE:CRK) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have received a consensus rating of “Reduce” from the thirteen analysts that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $11.78.

CRK has been the topic of several analyst reports. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th. Truist Financial upped their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Citigroup increased their target price on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th.

Comstock Resources Stock Up 2.2 %

Shares of NYSE:CRK opened at $15.82 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a fifty day simple moving average of $13.83 and a two-hundred day simple moving average of $11.73. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $17.79. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of -87.88 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. On average, research analysts anticipate that Comstock Resources will post -0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. KGH Ltd increased its holdings in Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Comstock Resources by 26.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares in the last quarter. American Century Companies Inc. raised its holdings in Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after purchasing an additional 362,043 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Comstock Resources by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after purchasing an additional 57,376 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Comstock Resources by 775.4% during the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares during the period. Hedge funds and other institutional investors 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.