Comstock Resources, Inc. (NYSE:CRK) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Comstock Resources, Inc. (NYSE:CRK) have been assigned an average rating of “Reduce” from the ten research firms that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $20.3333.

Several research firms have recently commented on CRK. Citigroup restated a “neutral” rating and set a $25.00 price target (up from $24.00) on shares of Comstock Resources in a research report on Wednesday, January 14th. Piper Sandler reduced their price target 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. Mizuho lifted their price target on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Morgan Stanley set a $20.00 target price on shares of Comstock Resources and gave the stock an “equal weight” rating in a research note on Friday. Finally, Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $27.00 to $24.00 in a report on Friday, January 16th.

Comstock Resources Price Performance

CRK stock opened at $24.25 on Tuesday. Comstock Resources has a 52-week low of $14.65 and a 52-week high of $31.17. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.19. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 96.98 and a beta of 0.39. The business has a fifty day moving average of $23.50 and a two-hundred day moving average of $20.43.

Comstock Resources (NYSE:CRK) last announced its earnings results 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. The company had revenue of $449.85 million during the quarter, compared to analyst estimates of $433.54 million. Comstock Resources had a net margin of 3.14% and a return on equity of 6.71%. Comstock Resources’s revenue was up 47.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, research analysts anticipate that Comstock Resources will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Comstock Resources by 14.2% in the fourth quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer’s stock valued at $149,000 after purchasing an additional 802 shares during the period. State of Alaska Department of Revenue lifted its position in Comstock Resources by 7.0% during the 4th quarter. State of Alaska Department of Revenue now owns 42,589 shares of the oil and gas producer’s stock worth $986,000 after acquiring an additional 2,773 shares during the period. Fiduciary Alliance LLC grew its stake in shares of Comstock Resources by 23.9% in the 4th quarter. Fiduciary Alliance LLC now owns 45,362 shares of the oil and gas producer’s stock valued at $1,051,000 after purchasing an additional 8,740 shares during the last quarter. Eastern Bank acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $58,000. Finally, Wealthcare Advisory Partners LLC acquired a new stake in shares of Comstock Resources during the fourth quarter worth $320,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

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.