Comstock Resources (NYSE:CRK) Trading 8.5% Higher – Still a Buy?

Comstock Resources, Inc. (NYSE:CRK)’s stock price rose 8.5% during trading on Wednesday . The company traded as high as $24.65 and last traded at $24.1670. Approximately 941,384 shares were traded during trading, a decline of 60% from the average daily volume of 2,365,980 shares. The stock had previously closed at $22.28.

Wall Street Analyst Weigh In

CRK has been the subject of a number of research analyst reports. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $27.00 to $24.00 in a report on Friday, January 16th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. Mizuho boosted their price objective 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. UBS Group reiterated a “sell” rating and set a $18.00 price objective (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Finally, Citigroup restated a “neutral” rating and issued a $25.00 target price (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $20.22.

Comstock Resources Stock Up 7.0%

The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 95.77 and a beta of 0.39. The stock’s 50 day moving average is $23.55 and its 200 day moving average is $20.39. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.19.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The company had revenue of $449.85 million for the quarter, compared to analysts’ expectations of $433.54 million. During the same period last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. Analysts forecast that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC acquired a new position in shares of Comstock Resources in the 3rd quarter worth approximately $27,000. Legacy Investment Solutions LLC bought a new stake in Comstock Resources during the second quarter worth approximately $29,000. Jones Financial Companies Lllp grew its position in Comstock Resources by 671.2% in the third quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 1,376 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Comstock Resources in the second quarter valued at $34,000. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Comstock Resources during the 3rd quarter valued at $38,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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.