Comstock Resources (NYSE:CRK) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Comstock Resources (NYSE:CRK) released its quarterly earnings results on Wednesday. The oil and gas producer reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02), Zacks reports. Comstock Resources had a return on equity of 3.25% and a net margin of 19.83%. The firm had revenue of $384.36 million during the quarter, compared to the consensus estimate of $420.97 million. During the same period in the previous year, the company posted $0.09 EPS. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year.

Comstock Resources Stock Performance

NYSE CRK opened at $13.36 on Friday. Comstock Resources has a 52-week low of $12.12 and a 52-week high of $28.10. The company has a fifty day moving average of $13.96 and a 200-day moving average of $16.05. The company has a market capitalization of $3.92 billion, a P/E ratio of 9.15 and a beta of 0.54. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.

Analyst Upgrades and Downgrades

CRK has been the subject of several recent analyst reports. Morgan Stanley set a $13.00 target price on Comstock Resources and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Wall Street Zen cut Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. BMO Capital Markets reiterated a “market perform” rating and set a $17.00 price target (up from $13.00) on shares of Comstock Resources in a research report on Wednesday, September 2nd. Jefferies Financial Group began coverage on Comstock Resources in a report on Friday, September 25th. They set a “hold” rating and a $14.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price objective on Comstock Resources from $9.00 to $15.00 and gave the stock a “sell” rating in a report on Wednesday, September 2nd. Ten research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $15.00.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.