Comstock Resources (NYSE:CRK) Shares Gap Up – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $19.61, but opened at $20.80. Comstock Resources shares last traded at $20.19, with a volume of 497,389 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley set a $19.00 price target on shares of Comstock Resources in a research note on Friday, February 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Piper Sandler decreased their price objective on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, November 18th. Mizuho boosted their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Finally, Bank of America lowered shares of Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $27.00 to $24.00 in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Comstock Resources currently has a consensus rating of “Reduce” and a consensus price target of $20.11.

Comstock Resources Price Performance

The stock has a market capitalization of $5.88 billion, a P/E ratio of 14.20 and a beta of 0.40. The firm has a fifty day moving average price of $21.68 and a two-hundred day moving average price of $20.59. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. The company had revenue of $787.32 million for the quarter, compared to the consensus estimate of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. Comstock Resources’s revenue for the quarter was up 115.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. On average, analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Institutional Trading of Comstock Resources

Several institutional investors have recently added to or reduced their stakes in the business. Rothschild Investment LLC raised its stake in shares of Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares during the last quarter. Advisory Services Network LLC purchased a new position in Comstock Resources in the 3rd quarter worth about $27,000. Legacy Investment Solutions LLC bought a new position in Comstock Resources during the 2nd quarter valued at about $29,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Comstock Resources during the 4th quarter valued at about $29,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Comstock Resources by 671.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 1,376 shares during the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

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.