Comstock Resources (NYSE:CRK) Cut to “Sell” at Wall Street Zen
by Mitch Edgeman · The Markets DailyWall Street Zen cut shares of Comstock Resources (NYSE:CRK – Free Report) from a hold rating to a sell rating in a report released on Saturday morning.
CRK has been the topic of several other reports. Mizuho increased their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Morgan Stanley set a $19.00 price objective on shares of Comstock Resources in a research report on Friday, February 13th. Citigroup reaffirmed a “neutral” rating and set a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. UBS Group set a $17.00 target price on shares of Comstock Resources in a research note on Friday, February 13th. Finally, Bank of America lowered shares of Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $24.00 in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Comstock Resources has an average rating of “Reduce” and an average target price of $21.00.
Check Out Our Latest Research Report on CRK
Comstock Resources Stock Down 6.7%
NYSE:CRK opened at $21.87 on Friday. The firm has a market capitalization of $6.43 billion, a P/E ratio of 15.51 and a beta of 0.40. Comstock Resources has a 1-year low of $14.65 and a 1-year high of $31.17. The company’s fifty day moving average price is $21.08 and its 200-day moving average price is $21.38. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.49 and a quick ratio of 0.49.
Comstock Resources (NYSE:CRK – Get Free Report) last posted its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating 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 $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was up 115.5% on a year-over-year basis. As a group, equities research analysts anticipate that Comstock Resources will post 0.54 EPS for the current year.
Insider Transactions at Comstock Resources
In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares in the company, valued at approximately $3,975,339.20. This represents a 20.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.
Institutional Investors Weigh In On Comstock Resources
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Redwood Family Wealth LLC purchased a new position in shares of Comstock Resources during the 4th quarter worth $232,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Comstock Resources in the fourth quarter valued at about $36,000. Invesco Ltd. increased its position in Comstock Resources by 4.2% during the fourth quarter. Invesco Ltd. now owns 969,961 shares of the oil and gas producer’s stock worth $22,484,000 after purchasing an additional 39,409 shares during the last quarter. Empowered Funds LLC raised its stake in Comstock Resources by 17.2% during the fourth quarter. Empowered Funds LLC now owns 108,103 shares of the oil and gas producer’s stock worth $2,506,000 after purchasing an additional 15,852 shares during the period. Finally, XTX Topco Ltd acquired a new position in Comstock Resources in the 4th quarter valued at about $870,000. Institutional investors and hedge funds 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.