Comstock Resources (NYSE:CRK) Reaches New 52-Week Low – Should You Sell?

Shares of Comstock Resources, Inc. (NYSE:CRK) reached a new 52-week low during trading on Wednesday . The company traded as low as $13.16 and last traded at $13.19, with a volume of 2674318 shares. The stock had previously closed at $13.94.

Analyst Ratings Changes

Several research firms have issued reports on CRK. Morgan Stanley lowered their price objective 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. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Williams Trading set a $16.00 price target on shares of Comstock Resources in a research note on Thursday, May 14th. UBS Group reaffirmed a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $19.78.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The stock has a market cap of $3.87 billion, a PE ratio of 6.02 and a beta of 0.22. The firm’s 50-day moving average is $17.63 and its 200 day moving average is $20.75.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The company had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.02 million. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. As a group, research analysts anticipate that Comstock Resources, Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were 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. This trade represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently bought and sold shares of CRK. State Street Corp lifted its holdings in shares of Comstock Resources by 3.7% during the 4th quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock valued at $103,921,000 after buying an additional 161,093 shares during the last quarter. Dragoneer Investment Group LLC bought a new stake in shares of Comstock Resources during the fourth quarter worth $99,632,000. Bank of America Corp DE lifted its stake in Comstock Resources by 5.1% in the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock valued at $38,643,000 after buying an additional 94,856 shares during the period. Woodline Partners LP grew its holdings in shares of Comstock Resources by 50.5% during the third 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 in the last quarter. Finally, Aventail Capital Group LP grew its stake in Comstock Resources by 149.9% in the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after purchasing an additional 686,002 shares in the last quarter. Hedge funds and other 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.