Comstock Resources, Inc. (NYSE:CRK) Receives $9.75 Consensus Target Price from Analysts

Comstock Resources, Inc. (NYSE:CRK) has received an average recommendation of “Reduce” from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $9.93.

A number of equities analysts have issued reports on CRK shares. Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. KeyCorp began coverage on Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. BMO Capital Markets upped their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Mizuho reduced their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Finally, Wolfe Research initiated coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company.

Insiders Place Their Bets

In related news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the acquisition, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the transaction, the insider now owns 198,949,901 shares in the company, valued at $1,941,751,033.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the transaction, the insider now owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 6,712,733 shares of company stock worth $67,816,851. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. acquired a new position in Comstock Resources during the second quarter worth $32,000. EverSource Wealth Advisors LLC lifted its position in Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 3,446 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Comstock Resources by 428.9% during the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Comstock Resources by 2,161.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 4,711 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Comstock Resources in the first quarter valued at about $91,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Stock Performance

Shares of CRK opened at $12.09 on Wednesday. The stock’s fifty day simple moving average is $10.39 and its 200-day simple moving average is $10.39. The firm has a market capitalization of $3.53 billion, a PE ratio of 54.95 and a beta of 0.47. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

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

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.