Morgan Stanley Cuts Comstock Resources (NYSE:CRK) Price Target to $19.00

Comstock Resources (NYSE:CRK) had its price target cut by Morgan Stanley from $21.00 to $19.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the oil and gas producer’s stock.

A number of other research analysts have also issued reports on the company. Wall Street Zen upgraded Comstock Resources to a “sell” rating in a report on Thursday, May 8th. Piper Sandler reiterated an “underweight” rating and issued a $12.00 price objective (up previously from $6.00) on shares of Comstock Resources in a research note on Tuesday, May 13th. Bank of America boosted their price objective on Comstock Resources from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Mizuho upped their target price on shares of Comstock Resources from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. Finally, 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, June 17th. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of “Hold” and an average target price of $19.18.

Comstock Resources Trading Down 1.0%

Shares of CRK stock opened at $16.24 on Monday. Comstock Resources has a fifty-two week low of $7.74 and a fifty-two week high of $31.17. The company has a 50 day moving average price of $24.09 and a 200 day moving average price of $21.26. The stock has a market capitalization of $4.76 billion, a P/E ratio of -67.66 and a beta of 0.28. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. The company had revenue of $470.26 million during the quarter, compared to analysts’ expectations of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The firm’s revenue was up 90.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) EPS. Equities research analysts predict that Comstock Resources will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently made changes to their positions in the company. Townsquare Capital LLC purchased a new stake in shares of Comstock Resources in the 4th quarter valued at about $202,000. GAMMA Investing LLC lifted its stake in Comstock Resources by 17.6% in the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer’s stock valued at $138,000 after buying an additional 1,017 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in Comstock Resources by 1.2% in the first quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer’s stock valued at $917,000 after buying an additional 550 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Comstock Resources by 129.3% in the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 1,170 shares during the period. Finally, Sterling Capital Management LLC grew its position in shares of Comstock Resources by 804.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock worth $54,000 after acquiring an additional 2,631 shares during the last quarter. Hedge funds and other 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.