Comstock Resources, Inc. (NYSE:CRK) Receives Average Recommendation of “Reduce” from Analysts

Comstock Resources, Inc. (NYSE:CRK) has earned a consensus recommendation of “Reduce” from the twelve analysts that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $9.93.

A number of research firms have commented on CRK. Wolfe Research assumed coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. KeyCorp assumed coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating on the stock. BMO Capital Markets raised their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Truist Financial upped their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the acquisition, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the company’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the transaction, the insider now directly owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction dated Monday, August 5th. The shares were purchased at an average price of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the acquisition, the insider now owns 195,646,429 shares in the company, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 6,712,733 shares of company stock valued at $67,816,851 in the last three months. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC boosted its position in shares of Comstock Resources by 269.4% in the third quarter. SG Americas Securities LLC now owns 55,044 shares of the oil and gas producer’s stock valued at $613,000 after acquiring an additional 40,142 shares during the period. Doliver Advisors LP grew its position in Comstock Resources by 3.9% in the 3rd quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after purchasing an additional 988 shares during the last quarter. Heritage Oak Wealth Advisors LLC acquired a new stake in Comstock Resources in the 2nd quarter worth $220,000. KGH Ltd increased its holdings in shares of Comstock Resources by 8.7% during the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after purchasing an additional 975,000 shares during the period. Finally, Algert Global LLC acquired a new position in shares of Comstock Resources during the second quarter valued at about $107,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

Comstock Resources Stock Up 0.8 %

Comstock Resources stock opened at $12.05 on Wednesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. Comstock Resources has a one year low of $7.07 and a one year high of $13.39. The company has a 50-day simple moving average of $10.31 and a 200-day simple moving average of $10.34. The firm has a market capitalization of $3.52 billion, a P/E ratio of 54.77 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The firm had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The business’s quarterly revenue was down 14.4% compared to the same quarter last year. As a group, equities analysts expect that Comstock Resources will post -0.37 earnings per share for the current year.

About Comstock Resources

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.