Comstock Resources (NYSE:CRK) Trading Up 6.4% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) shares traded up 6.4% on Thursday . The company traded as high as $19.85 and last traded at $19.7970. 331,844 shares were traded during mid-day trading, a decline of 88% from the average session volume of 2,734,774 shares. The stock had previously closed at $18.61.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRK. Bank of America downgraded shares of Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $27.00 to $24.00 in a research report on Friday, January 16th. Piper Sandler decreased their price target on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 18th. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research note on Friday, February 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Finally, Zacks Research raised Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $20.11.

Comstock Resources Stock Performance

The company has a market cap of $5.86 billion, a P/E ratio of 14.18 and a beta of 0.39. The company’s 50-day moving average price is $21.96 and its two-hundred day moving average price is $20.43. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (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 analysts’ expectations of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm’s revenue was up 115.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 earnings per share. As a group, equities analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Trading of Comstock Resources

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

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.