Comstock Resources (NYSE:CRK) Announces Quarterly Earnings Results

Comstock Resources (NYSE:CRK) posted its quarterly earnings results on Wednesday. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.05, FiscalAI reports. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The business had revenue of $789.81 million for the quarter, compared to analyst estimates of $504.66 million. During the same period in the prior year, the company posted $0.16 EPS. The business’s revenue was up 115.5% compared to the same quarter last year.

Comstock Resources Price Performance

Shares of CRK traded up $0.08 on Wednesday, hitting $20.50. The company’s stock had a trading volume of 2,493,441 shares, compared to its average volume of 2,779,026. Comstock Resources has a fifty-two week low of $14.65 and a fifty-two week high of $31.17. The company has a market capitalization of $6.01 billion, a PE ratio of 82.00 and a beta of 0.39. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.41 and a quick ratio of 0.41. The company has a 50 day moving average price of $22.80 and a 200 day moving average price of $20.42.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRK. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources in the 3rd quarter valued at approximately $27,000. iSAM Funds UK Ltd bought a new position in shares of Comstock Resources during the 3rd quarter worth approximately $38,000. EverSource Wealth Advisors LLC boosted its position in shares of Comstock Resources by 1,190.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer’s stock worth $78,000 after purchasing an additional 2,606 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Comstock Resources in the 2nd quarter valued at $93,000. Finally, Federated Hermes Inc. bought a new stake in Comstock Resources during the 2nd quarter worth approximately $98,000. 36.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Mizuho increased 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Bank of America lowered Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $24.00 in a research report on Friday, January 16th. Citigroup reissued a “neutral” rating and set a $25.00 target price (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Finally, Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Comstock Resources currently has a consensus rating of “Reduce” and an average price target of $20.33.

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.