Comstock Resources (NYSE:CRK) Announces Earnings Results

Comstock Resources (NYSE:CRK) released its earnings results on Wednesday. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01, FiscalAI reports. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm had revenue of $353.28 million for the quarter, compared to analyst estimates of $419.22 million.

Comstock Resources Trading Up 2.1%

Shares of CRK stock traded up $0.26 during trading hours on Wednesday, hitting $12.64. 3,131,206 shares of the company’s stock traded hands, compared to its average volume of 2,536,766. The stock has a market cap of $3.71 billion, a PE ratio of 5.77 and a beta of 0.10. The stock’s 50 day simple moving average is $13.54 and its 200 day simple moving average is $17.45. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. Comstock Resources has a 12 month low of $12.22 and a 12 month high of $28.10.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRK. Roth Capital raised Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 price objective on the stock in a research note on Friday, July 10th. Zacks Research downgraded Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday, May 20th. Mizuho reduced their price target on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Finally, Williams Trading set a $16.00 price target on shares of Comstock Resources in a report on Thursday, May 14th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $15.22.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisory Services Network LLC bought a new position in Comstock Resources during the 3rd quarter worth $27,000. Kemnay Advisory Services Inc. bought a new stake in shares of Comstock Resources in the 4th quarter valued at about $29,000. iSAM Funds UK Ltd acquired a new stake in shares of Comstock Resources in the third quarter valued at about $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Comstock Resources during the fourth quarter worth about $62,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Comstock Resources by 1,190.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer’s stock worth $78,000 after acquiring an additional 2,606 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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.