Comstock Resources (NYSE:CRK) Stock Price Down 3.9% – Should You Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price was down 3.9% on Wednesday . The company traded as low as $14.59 and last traded at $14.5650. Approximately 482,170 shares changed hands during trading, a decline of 81% from the average daily volume of 2,473,968 shares. The stock had previously closed at $15.15.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRK shares. Williams Trading set a $16.00 price objective on shares of Comstock Resources in a research report on Thursday, May 14th. Morgan Stanley lowered their price objective on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday. UBS Group restated a “sell” rating and set a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Citigroup restated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $19.78.

Comstock Resources Stock Down 3.1%

The company has a fifty day simple moving average of $18.05 and a 200-day simple moving average of $20.89. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. The firm has a market cap of $4.02 billion, a P/E ratio of 6.25 and a beta of 0.22.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results 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 net margin of 27.18% and a return on equity of 5.54%. The company had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.02 million. During the same period in the prior year, the firm posted $0.18 EPS. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities analysts anticipate that Comstock Resources, Inc. will post 0.75 earnings per share for the current year.

Insider Transactions at Comstock Resources

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Liontrust Investment Partners LLP raised its position in shares of Comstock Resources by 877.8% during the 1st quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock valued at $2,718,000 after purchasing an additional 115,752 shares during the period. Bank of America Corp DE raised its position in shares of Comstock Resources by 5.5% during the 1st quarter. Bank of America Corp DE now owns 726,140 shares of the oil and gas producer’s stock valued at $15,307,000 after purchasing an additional 38,060 shares during the period. California State Teachers Retirement System raised its position in shares of Comstock Resources by 30.5% during the 1st quarter. California State Teachers Retirement System now owns 104,655 shares of the oil and gas producer’s stock valued at $2,206,000 after purchasing an additional 24,486 shares during the period. Royal Bank of Canada raised its position in shares of Comstock Resources by 3.6% during the 1st quarter. Royal Bank of Canada now owns 151,930 shares of the oil and gas producer’s stock valued at $3,202,000 after purchasing an additional 5,288 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Comstock Resources by 11.5% during the 1st quarter. Empowered Funds LLC now owns 120,577 shares of the oil and gas producer’s stock valued at $2,542,000 after purchasing an additional 12,474 shares during the period. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Company Profile

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.