Comstock Resources (NYSE:CRK) Stock Price Down 3.9% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s share price traded down 3.9% on Wednesday . The company traded as low as $15.38 and last traded at $15.3960. 714,899 shares changed hands during trading, a decline of 72% from the average daily volume of 2,512,107 shares. The stock had previously closed at $16.02.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wall Street Zen downgraded Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a research note on Monday, August 17th. Morgan Stanley set a $15.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a research note on Wednesday, August 19th. Roth Capital reissued a “neutral” rating and set a $14.00 price objective on shares of Comstock Resources in a research report on Tuesday. Finally, Williams Trading set a $16.00 price target on shares of Comstock Resources in a research report on Thursday, May 14th. Eight investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $15.80.

Comstock Resources Stock Down 3.9%

The stock has a 50-day moving average of $13.84 and a 200 day moving average of $15.93. The company has a market capitalization of $4.39 billion, a PE ratio of 8.39 and a beta of 0.14. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The business’s revenue was down 24.9% on a year-over-year basis. Sell-side analysts anticipate that Comstock Resources, Inc. will post 0.4 EPS for the current year.

Institutional Trading of Comstock Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Rothschild Investment LLC grew its position in shares of Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after acquiring an additional 1,007 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Comstock Resources during the 2nd quarter valued at $26,000. Advisory Services Network LLC bought a new position in shares of Comstock Resources during the 3rd quarter worth $27,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Comstock Resources in the 1st quarter worth about $29,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Comstock Resources during the fourth quarter valued at about $29,000. Institutional investors own 36.13% of the company’s stock.

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.