Comstock Resources, Inc. (NYSE:CRK) Receives Consensus Rating of “Reduce” from Analysts

Comstock Resources, Inc. (NYSE:CRK) has been assigned a consensus recommendation of “Reduce” from the ten analysts that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $15.00.

CRK has been the topic of several research reports. UBS Group reissued a “sell” rating and issued a $13.00 target price (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Morgan Stanley set a $16.00 price target on Comstock Resources and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Roth Capital reiterated a “neutral” rating on shares of Comstock Resources in a research report on Thursday, July 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Finally, Citigroup dropped their target price on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, July 20th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Comstock Resources in the 2nd quarter valued at approximately $176,583,000. State Street Corp increased its position in Comstock Resources by 3.7% during the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after buying an additional 161,093 shares in the last quarter. Dragoneer Investment Group LLC purchased a new position in Comstock Resources during the fourth quarter worth $99,632,000. Bank of America Corp DE raised its holdings in shares of Comstock Resources by 5.1% in the third 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 during the last quarter. Finally, Woodline Partners LP raised its holdings 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 acquiring an additional 413,611 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Stock Performance

Shares of CRK stock opened at $13.93 on Friday. Comstock Resources has a 12-month low of $12.12 and a 12-month high of $28.10. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. The stock has a 50 day simple moving average of $13.50 and a 200-day simple moving average of $16.78. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 7.83 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The firm’s quarterly revenue was down 24.9% compared to the same quarter last year. During the same period last year, the company posted $0.13 earnings per share. On average, equities analysts forecast that Comstock Resources will post 0.48 EPS for the current year.

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.