Comstock Resources (NYSE:CRK) Hits New 1-Year High – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $21.99 and last traded at $21.88, with a volume of 896180 shares trading hands. The stock had previously closed at $20.97.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRK. Citigroup boosted their target price on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley started coverage on Comstock Resources in a research note on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective on the stock. Truist Financial boosted their price objective on Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, BMO Capital Markets boosted their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and a consensus target price of $13.30.

Comstock Resources Trading Up 3.6 %

The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of -121.24, a PEG ratio of 2.53 and a beta of 0.51. The company has a fifty day moving average of $16.77 and a 200-day moving average of $12.90.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The firm had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter in the previous year, the firm posted $0.04 EPS. The business’s revenue for the quarter was down 19.2% on a year-over-year basis. As a group, equities research analysts anticipate that Comstock Resources, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.62, for a total transaction of $156,200.00. Following the transaction, the director now directly owns 143,781 shares in the company, valued at approximately $2,245,859.22. This represents a 6.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 38,000 shares of company stock valued at $634,660. Insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

Large investors have recently modified their holdings of the business. KBC Group NV raised its stake in Comstock Resources by 46.8% during the fourth quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer’s stock worth $118,000 after purchasing an additional 2,066 shares during the period. Blue Trust Inc. grew its holdings in Comstock Resources by 56.4% during the 4th quarter. Blue Trust Inc. now owns 10,502 shares of the oil and gas producer’s stock worth $191,000 after acquiring an additional 3,787 shares in the last quarter. Woodstock Corp boosted its holdings in shares of Comstock Resources by 50.0% in the 4th quarter. Woodstock Corp now owns 15,000 shares of the oil and gas producer’s stock valued at $273,000 after buying an additional 5,000 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Comstock Resources in the 4th quarter valued at about $214,000. Finally, JPMorgan Chase & Co. grew its position in Comstock Resources by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after purchasing an additional 13,998 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, 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.