Comstock Resources (NYSE:CRK) Trading Down 6.2% – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price was down 6.2% on Monday . The stock traded as low as $25.69 and last traded at $25.6620. Approximately 2,029,297 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 2,560,461 shares. The stock had previously closed at $27.37.

Analyst Upgrades and Downgrades

Several research firms have commented on CRK. UBS Group upped their target price on shares of Comstock Resources from $14.00 to $16.00 and gave the stock a “sell” rating in a research report on Thursday, November 6th. Piper Sandler lowered their target price on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 18th. Roth Capital downgraded Comstock Resources from a “neutral” rating to a “sell” rating and cut their target price for the company from $18.00 to $12.00 in a research note on Monday, August 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday. Finally, Zacks Research raised Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $19.60.

Comstock Resources Trading Down 5.5%

The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $22.03 and a 200-day moving average price of $21.18. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 92.75 and a beta of 0.33.

Comstock Resources (NYSE:CRK) last released its earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The firm had revenue of $449.85 million for the quarter, compared to analyst estimates of $433.54 million. During the same period in the previous year, the company earned ($0.17) earnings per share. Comstock Resources’s revenue was up 47.8% compared to the same quarter last year. As a group, sell-side analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in shares of Comstock Resources by 5.1% during the 3rd quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock valued at $38,643,000 after acquiring an additional 94,856 shares during the last quarter. Woodline Partners LP boosted its position 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 valued at $24,429,000 after purchasing an additional 413,611 shares during the period. Invesco Ltd. raised its holdings in Comstock Resources by 79.9% during the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer’s stock worth $23,507,000 after buying an additional 513,190 shares during the period. Aventail Capital Group LP raised its stake in Comstock Resources by 149.9% during the 3rd 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 period. Finally, Goldman Sachs Group Inc. grew its position in Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock valued at $22,107,000 after purchasing an additional 437,476 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

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.