Citigroup Issues Positive Forecast for Comstock Resources (NYSE:CRK) Stock Price
by Danessa Lincoln · The Markets DailyComstock Resources (NYSE:CRK – Get Free Report) had its target price hoisted by investment analysts at Citigroup from $23.00 to $24.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective indicates a potential upside of 14.04% from the stock’s previous close.
CRK has been the topic of a number of other research reports. UBS Group set a $17.00 price target on Comstock Resources in a report on Friday, February 13th. Wall Street Zen downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday. Morgan Stanley set a $19.00 price target on shares of Comstock Resources in a research report on Friday, February 13th. Mizuho raised their price objective on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Finally, Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and reduced their target price for the company from $27.00 to $24.00 in a report on Friday, January 16th. One 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 company. According to MarketBeat, Comstock Resources has an average rating of “Reduce” and a consensus target price of $20.88.
Comstock Resources Stock Down 3.8%
NYSE CRK traded down $0.83 on Tuesday, hitting $21.05. 1,063,778 shares of the stock traded hands, compared to its average volume of 2,471,418. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $21.08 and a 200 day moving average of $21.38. Comstock Resources has a twelve month low of $14.65 and a twelve month high of $31.17. The company has a market capitalization of $6.19 billion, a P/E ratio of 14.90 and a beta of 0.40.
Comstock Resources (NYSE:CRK – Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The business had revenue of $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The business’s quarterly revenue was up 115.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. As a group, analysts expect that Comstock Resources will post 0.54 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction 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 SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by company insiders.
Institutional Trading of Comstock Resources
Several large investors have recently modified their holdings of the company. Rothschild Investment LLC lifted its position in shares of Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares during the last quarter. Advisory Services Network LLC acquired a new position in Comstock Resources during the 3rd quarter valued at $27,000. Kemnay Advisory Services Inc. bought a new stake in Comstock Resources in the 4th quarter valued at $29,000. Jones Financial Companies Lllp grew its position in Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 1,376 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 1,290 shares during the last quarter. 36.13% of the stock is owned by institutional investors.
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.