Comstock Resources (NYSE:CRK) Coverage Initiated by Analysts at Morgan Stanley

Analysts at Morgan Stanley started coverage on shares of Comstock Resources (NYSE:CRK) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $18.00 price target on the oil and gas producer’s stock. Morgan Stanley’s price objective would indicate a potential downside of 8.26% from the company’s previous close.

Several other research firms have also recently issued reports on CRK. BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Truist Financial lifted their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research report on Tuesday, October 15th. Bank of America began coverage on Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.40.

Comstock Resources Trading Up 4.4 %

Shares of CRK stock opened at $19.62 on Friday. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $20.06. The company has a market cap of $5.73 billion, a price-to-earnings ratio of -108.99 and a beta of 0.51. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The stock has a 50 day simple moving average of $15.60 and a 200-day simple moving average of $12.38.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The business’s revenue was down 19.2% on a year-over-year basis. On average, equities research analysts expect that Comstock Resources will post -0.44 EPS for the current fiscal year.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 8,000 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the completion of the transaction, the director now directly owns 99,632 shares in the company, valued at approximately $1,810,313.44. This represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

Several large investors have recently modified their holdings of CRK. KGH Ltd raised its holdings in Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Comstock Resources by 26.3% during the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after acquiring an additional 2,438,252 shares during the last quarter. American Century Companies Inc. increased its position in shares of Comstock Resources by 19.0% during the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after acquiring an additional 362,043 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Comstock Resources by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after acquiring an additional 57,376 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after acquiring an additional 775,371 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

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.