Comstock Resources (NYSE:CRK) Shares Up 6.6% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s stock price traded up 6.6% during mid-day trading on Wednesday . The stock traded as high as $13.52 and last traded at $13.5070. 1,171,219 shares were traded during mid-day trading, a decline of 53% from the average session volume of 2,503,718 shares. The stock had previously closed at $12.67.

Analyst Ratings Changes

Several research firms have weighed in on CRK. Citigroup reissued a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. UBS Group restated a “sell” rating and set a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Morgan Stanley cut their price target on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a research report on Friday, May 22nd. Williams Trading set a $16.00 price objective on shares of Comstock Resources in a research note on Thursday, May 14th. Finally, Mizuho lowered their price objective on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $18.89.

Comstock Resources Trading Up 5.7%

The company has a market capitalization of $3.93 billion, a P/E ratio of 6.12 and a beta of 0.13. The stock’s 50 day moving average is $15.98 and its 200-day moving average is $19.98. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41.

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 analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $587.35 million during the quarter, compared to the consensus estimate of $554.02 million. During the same period in the previous year, the company earned $0.18 earnings per share. Comstock Resources’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Comstock Resources, Inc. will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp raised its stake in Comstock Resources by 3.7% in the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after buying an additional 161,093 shares in the last quarter. Dragoneer Investment Group LLC bought a new stake in shares of Comstock Resources in the 4th quarter worth approximately $99,632,000. Bank of America Corp DE grew its stake in shares of Comstock Resources by 5.1% in the 3rd quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock worth $38,643,000 after buying an additional 94,856 shares during the last quarter. Woodline Partners LP grew its stake in shares of Comstock Resources by 50.5% in the 3rd quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock worth $24,429,000 after buying an additional 413,611 shares during the last quarter. Finally, Aventail Capital Group LP grew its stake in shares of Comstock Resources by 149.9% in the 3rd quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after buying an additional 686,002 shares during the last quarter. 36.13% of the stock is 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.