Comstock Resources (NYSE:CRK) Hits New 52-Week Low – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $12.40 and last traded at $12.49, with a volume of 1508694 shares traded. The stock had previously closed at $13.00.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Roth Capital upgraded Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research note on Friday, July 10th. Mizuho cut their price objective on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Finally, Citigroup reduced their target price on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, July 20th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Comstock Resources currently has a consensus rating of “Reduce” and an average target price of $15.22.

Comstock Resources Stock Down 5.2%

The business’s 50 day moving average price is $13.60 and its 200-day moving average price is $17.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The company has a market cap of $3.62 billion, a P/E ratio of 5.63 and a beta of 0.10.

Comstock Resources (NYSE:CRK) last issued 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). The company had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.01 million. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. On average, analysts anticipate that Comstock Resources, Inc. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently modified their holdings of the stock. Rothschild Investment LLC lifted its position in shares of Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources in the third quarter valued at approximately $27,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Comstock Resources in the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in Comstock Resources in the 4th quarter worth approximately $29,000. Finally, Hantz Financial Services Inc. raised its position in Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 1,290 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

About Comstock Resources

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.