Comstock Resources (NYSE:CRK) Stock Price Down 5.2% – Here’s Why
by Sarita Garza · The Markets DailyComstock Resources, Inc. (NYSE:CRK – Get Free Report) was down 5.2% on Tuesday . The stock traded as low as $20.72 and last traded at $20.7410. Approximately 818,993 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 2,466,168 shares. The stock had previously closed at $21.88.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on CRK. Morgan Stanley set a $19.00 price objective on Comstock Resources in a report on Friday, February 13th. Citigroup restated a “neutral” rating and issued a $25.00 target price (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 Comstock Resources in a research report on Friday, February 13th. Mizuho upped their price target on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Finally, Wall Street Zen lowered Comstock Resources from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $21.00.
Check Out Our Latest Research Report on CRK
Comstock Resources Price Performance
The stock has a market cap of $6.18 billion, a PE ratio of 14.85 and a beta of 0.40. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The business has a 50 day moving average price of $21.08 and a two-hundred day moving average price of $21.38.
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 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The company had revenue of $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. During the same period last year, the business posted $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 earnings per share for the current fiscal year.
Insider Buying and Selling at Comstock Resources
In related news, VP Patrick Mcgough sold 48,915 shares of the business’s 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 transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.20% of the company’s stock.
Institutional Trading of Comstock Resources
A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in Comstock Resources by 3.7% in the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock valued at $103,921,000 after acquiring an additional 161,093 shares during the last quarter. Dragoneer Investment Group LLC purchased a new stake in shares of Comstock Resources during the 4th quarter worth approximately $99,632,000. Bank of America Corp DE raised its holdings in shares of Comstock Resources by 5.1% in the 3rd quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock worth $38,643,000 after purchasing an additional 94,856 shares during the period. Woodline Partners LP raised its holdings in shares of Comstock Resources by 50.5% in the 3rd quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock worth $24,429,000 after purchasing an additional 413,611 shares during the period. Finally, Aventail Capital Group LP lifted its stake in Comstock Resources by 149.9% in the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after purchasing an additional 686,002 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.
About Comstock Resources
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.