Analysts Set Comstock Resources, Inc. (NYSE:CRK) Price Target at $18.73

Shares of Comstock Resources, Inc. (NYSE:CRK) have been given a consensus recommendation of “Reduce” by the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $19.70.

A number of equities analysts have recently weighed in on CRK shares. Roth Capital downgraded Comstock Resources from a “neutral” rating to a “sell” rating and dropped their target price for the company from $18.00 to $12.00 in a report on Monday, August 18th. Wolfe Research raised shares of Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a report on Tuesday, June 17th. Weiss Ratings restated a “sell (d+)” rating on shares of Comstock Resources in a research report on Wednesday, October 8th. UBS Group reduced their price objective on shares of Comstock Resources from $18.00 to $14.00 and set a “sell” rating on the stock in a research note on Wednesday, August 20th. Finally, Morgan Stanley decreased their target price on Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 4th.

Comstock Resources Trading Down 1.9%

NYSE:CRK opened at $19.23 on Friday. The firm has a market capitalization of $5.63 billion, a P/E ratio of -80.10 and a beta of 0.19. The business has a 50 day simple moving average of $17.32 and a 200 day simple moving average of $20.63. Comstock Resources has a 12-month low of $11.05 and a 12-month high of $31.17. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36.

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

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently bought and sold shares of CRK. Bank of America Corp DE increased its position in Comstock Resources by 344.5% in the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after buying an additional 1,436,746 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Comstock Resources by 79.9% during the first 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of 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 buying an additional 437,476 shares during the last quarter. Woodline Partners LP purchased a new stake in Comstock Resources during the first quarter valued at about $8,719,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Comstock Resources by 195.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 588,033 shares of the oil and gas producer’s stock valued at $16,271,000 after acquiring an additional 389,261 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

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.