Comstock Resources (NYSE:CRK) Stock Gets Downgrade from Wall Street Zen

Comstock Resources (NYSE:CRK) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other analysts have also recently commented on CRK. Weiss Ratings reiterated a “hold (c)” rating on shares of Comstock Resources in a research report on Monday, August 17th. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Mizuho lowered their target price on shares of Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, September 2nd. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $17.00 target price (up from $13.00) on shares of Comstock Resources in a report on Wednesday, September 2nd. Ten research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $15.00.

Comstock Resources Stock Down 0.1%

Shares of NYSE CRK opened at $13.98 on Friday. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 7.85 and a beta of 0.52. The company’s 50-day simple moving average is $13.94 and its 200-day simple moving average is $14.46. 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 has a 52-week low of $12.12 and a 52-week high of $28.10.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results 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 net margin of 23.31% and a return on equity of 4.12%. The firm had revenue of $353.28 million during the quarter, compared to the consensus estimate of $419.22 million. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue for the quarter was down 24.9% on a year-over-year basis. Equities analysts predict that Comstock Resources will post 0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Old West Investment Management LLC purchased a new position in Comstock Resources during the second quarter worth approximately $4,104,000. BlackRock Inc. purchased a new stake in Comstock Resources in the 2nd quarter valued at $176,583,000. Bank of New York Mellon Corp purchased a new stake in Comstock Resources in the 2nd quarter valued at $8,311,000. GSA Capital Partners LLP purchased a new stake in Comstock Resources in the 2nd quarter valued at $2,028,000. Finally, Liontrust Investment Partners LLP increased its stake in shares of Comstock Resources by 877.8% in the 1st quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock worth $2,718,000 after acquiring an additional 115,752 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.