Morgan Stanley Lowers Comstock Resources (NYSE:CRK) Price Target to $18.00

Comstock Resources (NYSE:CRK) had its price objective cut by investment analysts at Morgan Stanley from $19.00 to $18.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s target price indicates a potential upside of 29.94% from the company’s previous close.

CRK has been the topic of several other reports. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday. UBS Group reiterated a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Wall Street Zen cut shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. Citigroup restated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Finally, Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $19.78.

Comstock Resources Stock Performance

Shares of NYSE CRK traded down $0.26 during midday trading on Friday, hitting $13.85. 193,620 shares of the company’s stock were exchanged, compared to its average volume of 2,470,953. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $4.07 billion, a PE ratio of 6.33 and a beta of 0.22. Comstock Resources has a 12 month low of $13.76 and a 12 month high of $31.17. The company’s 50 day moving average price is $18.05 and its 200 day moving average price is $20.89.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business had revenue of $587.35 million during the quarter, compared to the consensus estimate of $554.02 million. During the same quarter last year, the company posted $0.18 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, analysts predict that Comstock Resources will post 0.75 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently added to or reduced their stakes in CRK. State Street Corp increased its stake in Comstock Resources by 3.7% during the 4th quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after acquiring an additional 161,093 shares during the period. Dragoneer Investment Group LLC bought a new stake in shares of Comstock Resources during the 4th quarter valued at $99,632,000. Bank of America Corp DE grew its holdings 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 worth $38,643,000 after purchasing an additional 94,856 shares in the last quarter. Woodline Partners LP increased its position in shares of Comstock Resources by 50.5% in the third 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. Finally, Aventail Capital Group LP increased its position in shares of 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 purchasing an additional 686,002 shares during the period. 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.