Comstock Resources (NYSE:CRK) Stock Price Up 4% – What’s Next?

Shares of Comstock Resources, Inc. (NYSE:CRK) shot up 4% on Tuesday . The stock traded as high as $22.69 and last traded at $22.69. 75,111 shares were traded during mid-day trading, a decline of 97% from the average session volume of 2,580,754 shares. The stock had previously closed at $21.81.

Analysts Set New Price Targets

CRK has been the topic of several research analyst reports. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Piper Sandler dropped their price target on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 18th. UBS Group reaffirmed a “sell” rating and set a $18.00 price objective (up previously from $16.00) on shares of Comstock Resources in a research report on Friday, December 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday. Finally, Mizuho boosted their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources presently has an average rating of “Reduce” and a consensus price target of $20.60.

Comstock Resources Trading Up 1.3%

The firm has a market cap of $6.85 billion, a price-to-earnings ratio of 93.46 and a beta of 0.33. The firm’s 50-day moving average is $22.36 and its 200-day moving average is $21.04. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19.

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

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake 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 acquiring an additional 94,856 shares in the last quarter. Woodline Partners LP raised its stake in shares of Comstock Resources by 50.5% during 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. Aventail Capital Group LP raised its position 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 worth $22,680,000 after acquiring an additional 686,002 shares during the period. Goldman Sachs Group Inc. raised 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 purchasing an additional 437,476 shares during the period. Finally, Man Group plc lifted its position in shares of Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock valued at $11,902,000 after buying an additional 567,810 shares during the last quarter. 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.