Comstock Resources (NYSE:CRK) PT Lowered to $9.00

Comstock Resources (NYSE:CRK) had its price objective cut by Mizuho from $10.00 to $9.00 in a research report report published on Monday morning, Benzinga reports. They currently have an underperform rating on the oil and gas producer’s stock.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler reduced their target price on shares of Comstock Resources from $9.00 to $8.00 and set an overweight rating on the stock in a report on Thursday, March 7th. Pickering Energy Partners raised shares of Comstock Resources from an underperform rating to a neutral rating in a research report on Tuesday, January 9th. Siebert Williams Shank initiated coverage on shares of Comstock Resources in a report on Tuesday, December 19th. They issued a hold rating and a $10.00 target price on the stock. The Goldman Sachs Group raised their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the company a sell rating in a research note on Tuesday, April 2nd. Finally, Truist Financial cut their target price on shares of Comstock Resources from $10.00 to $9.00 and set a hold rating for the company in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $10.00.

Comstock Resources Stock Up 0.4 %

Shares of NYSE CRK opened at $9.23 on Monday. The company has a 50-day moving average of $8.53 and a 200 day moving average of $9.50. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.11. The stock has a market cap of $2.57 billion, a PE ratio of 12.14 and a beta of 0.70.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). Comstock Resources had a net margin of 13.49% and a return on equity of 5.65%. The firm had revenue of $410.58 million during the quarter, compared to analysts’ expectations of $401.97 million. During the same period last year, the company earned $1.05 EPS. The business’s quarterly revenue was down 55.5% on a year-over-year basis. As a group, sell-side analysts predict that Comstock Resources will post 0.06 EPS for the current fiscal year.

Insider Activity at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue acquired 12,500,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was bought at an average cost of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the purchase, the insider now directly owns 194,821,429 shares in the company, valued at $1,566,364,289.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Comstock Resources by 115.3% during the first quarter. BlackRock Inc. now owns 14,112,832 shares of the oil and gas producer’s stock worth $152,277,000 after purchasing an additional 7,556,426 shares in the last quarter. KGH Ltd grew its position in shares of Comstock Resources by 119.3% during the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock worth $94,704,000 after acquiring an additional 4,670,959 shares during the last quarter. Millennium Management LLC grew its position in Comstock Resources by 1,460.0% in the 4th quarter. Millennium Management LLC now owns 2,864,944 shares of the oil and gas producer’s stock valued at $39,278,000 after buying an additional 2,681,292 shares in the last quarter. Woodline Partners LP bought a new position in Comstock Resources in the 2nd quarter valued at about $30,443,000. Finally, Vanguard Group Inc. grew its position in Comstock Resources by 36.4% in the 3rd quarter. Vanguard Group Inc. now owns 9,783,037 shares of the oil and gas producer’s stock valued at $169,148,000 after buying an additional 2,608,309 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

About Comstock Resources

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.