Comstock Resources (NYSE:CRK) Hits New 12-Month High – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week high during trading on Wednesday . The company traded as high as $19.93 and last traded at $19.55, with a volume of 379153 shares trading hands. The stock had previously closed at $18.79.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CRK shares. Morgan Stanley began coverage on shares of Comstock Resources in a research note on Friday. They set an “equal weight” rating and a $18.00 price target on the stock. Citigroup increased their price objective on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a report on Tuesday, October 15th. Finally, Bank of America assumed coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.40.

Comstock Resources Stock Up 4.4 %

The firm’s 50 day moving average price is $15.60 and its 200-day moving average price is $12.38. 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 company has a market cap of $5.73 billion, a P/E ratio of -108.99 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the firm posted $0.04 EPS. Comstock Resources’s revenue was down 19.2% on a year-over-year basis. As a group, equities research analysts expect that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Activity at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now owns 123,781 shares of the company’s stock, valued at $2,021,343.73. The trade was a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Comstock Resources during the 4th quarter worth about $214,000. JPMorgan Chase & Co. boosted its holdings in shares of Comstock Resources by 9.0% during the third quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after acquiring an additional 13,998 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Comstock Resources in the third quarter valued at approximately $169,000. Barclays PLC increased its stake in shares of Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after purchasing an additional 111,934 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in shares of Comstock Resources by 140.0% during the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the period. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

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.