Comstock Resources (NYSE:CRK) Trading Up 6.1% – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK)’s share price shot up 6.1% during mid-day trading on Wednesday . The stock traded as high as $14.00 and last traded at $14.09. 1,712,250 shares changed hands during trading, a decline of 32% from the average daily volume of 2,528,516 shares. The stock had previously closed at $13.28.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, June 30th. Zacks Research downgraded Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Wall Street Zen lowered Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. Williams Trading set a $16.00 price target on Comstock Resources in a report on Thursday, May 14th. Finally, Mizuho decreased their price target on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $15.22.

Comstock Resources Stock Performance

The stock has a 50 day moving average of $13.69 and a two-hundred day moving average of $17.79. The stock has a market capitalization of $4.13 billion, a PE ratio of 6.43 and a beta of 0.10. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business had revenue of $587.35 million during the quarter, compared to analysts’ expectations of $554.01 million. During the same quarter in the previous year, the company posted $0.18 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. Research analysts expect that Comstock Resources, Inc. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

A number of large investors have recently made changes to their positions in the stock. Dragoneer Investment Group LLC purchased a new stake in Comstock Resources during the fourth quarter worth about $99,632,000. Bank of America Corp DE increased its holdings in Comstock Resources by 344.5% in the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock valued at $51,296,000 after buying an additional 1,436,746 shares in the last quarter. Gemsstock Ltd. purchased a new position in Comstock Resources in the fourth quarter valued at about $19,186,000. First Trust Advisors LP lifted its position in shares of Comstock Resources by 143.2% during the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer’s stock valued at $22,759,000 after acquiring an additional 635,781 shares during the period. Finally, Man Group plc lifted its position in shares of Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock valued at $11,902,000 after acquiring an additional 567,810 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.