Comstock Resources (NYSE:CRK) Trading 6.4% Higher – Here’s Why
by Kim Johansen · The Markets DailyShares of Comstock Resources, Inc. (NYSE:CRK – Get Free Report) rose 6.4% on Thursday . The stock traded as high as $19.85 and last traded at $19.7970. Approximately 331,844 shares traded hands during trading, a decline of 88% from the average daily volume of 2,734,774 shares. The stock had previously closed at $18.61.
Wall Street Analyst Weigh In
A number of brokerages have commented on CRK. Piper Sandler decreased their price target on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 18th. Mizuho raised their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Citigroup reissued a “neutral” rating and issued a $25.00 price target (up previously from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. Finally, Bank of America downgraded shares of Comstock Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. One investment 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. Based on data from MarketBeat.com, Comstock Resources has an average rating of “Reduce” and a consensus target price of $20.11.
Get Our Latest Stock Report on Comstock Resources
Comstock Resources Stock Up 4.6%
The company’s fifty day simple moving average is $22.03 and its 200 day simple moving average is $20.41. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $5.71 billion, a P/E ratio of 13.85 and a beta of 0.39.
Comstock Resources (NYSE:CRK – Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The company had revenue of $789.81 million during the quarter, compared to the consensus estimate of $504.66 million. During the same period in the prior year, the firm earned $0.16 earnings per share. Comstock Resources’s revenue was up 115.5% on a year-over-year basis. Research analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current year.
Institutional Investors Weigh In On Comstock Resources
A number of hedge funds and other institutional investors have recently bought and sold shares of CRK. Rothschild Investment LLC lifted its holdings in shares of Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Comstock Resources in the 3rd quarter worth approximately $27,000. Legacy Investment Solutions LLC bought a new position in Comstock Resources during the 2nd quarter valued at approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in Comstock Resources during the fourth quarter valued at $29,000. Finally, Jones Financial Companies Lllp boosted its holdings in Comstock Resources by 671.2% in the third 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 in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.
Comstock Resources Company Profile
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.