Comstock Resources (NYSE:CRK) Reaches New 52-Week High – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week high during trading on Thursday . The company traded as high as $30.90 and last traded at $30.77, with a volume of 4872421 shares. The stock had previously closed at $28.86.

Wall Street Analyst Weigh In

CRK has been the subject of a number of analyst reports. Wolfe Research upgraded shares of Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 price target for the company in a research note on Tuesday. Mizuho lifted their target price on shares of Comstock Resources from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Morgan Stanley reiterated a “cautious” rating and issued a $22.00 target price (up previously from $21.00) on shares of Comstock Resources in a research note on Wednesday, March 26th. Citigroup reiterated a “neutral” rating and issued a $27.00 target price (up previously from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Finally, UBS Group initiated coverage on shares of Comstock Resources in a research note on Tuesday, April 22nd. They issued a “neutral” rating and a $19.00 target price for the company. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.73.

Comstock Resources Stock Up 6.6%

The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.40 and a current ratio of 0.40. The firm’s 50-day moving average is $22.35 and its two-hundred day moving average is $19.80. The stock has a market cap of $9.01 billion, a P/E ratio of -27.72 and a beta of 0.32.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Comstock Resources had a negative net margin of 23.39% and a negative return on equity of 0.67%. The firm had revenue of $512.85 million during the quarter, compared to analysts’ expectations of $408.99 million. During the same quarter in the previous year, the company posted ($0.03) EPS. Comstock Resources’s revenue was up 52.7% on a year-over-year basis. On average, equities research analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in Comstock Resources by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,297,863 shares of the oil and gas producer’s stock worth $242,301,000 after purchasing an additional 227,638 shares during the last quarter. Vanguard Group Inc. raised its position in Comstock Resources by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 9,222,982 shares of the oil and gas producer’s stock worth $168,043,000 after purchasing an additional 126,380 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Comstock Resources by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,505,808 shares of the oil and gas producer’s stock worth $27,436,000 after purchasing an additional 91,988 shares during the last quarter. Invesco Ltd. raised its position in Comstock Resources by 79.9% in the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer’s stock worth $23,507,000 after purchasing an additional 513,190 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Comstock Resources by 67.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

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.