Comstock Resources, Inc. (NYSE:CRK) Receives $9.75 Consensus Target Price from Brokerages

Comstock Resources, Inc. (NYSE:CRK) has been given an average rating of “Hold” by the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $9.75.

Several equities analysts recently weighed in on the company. Stifel Nicolaus dropped their price objective on Comstock Resources from $14.00 to $13.50 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Piper Sandler decreased their price objective on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a research report on Thursday, March 7th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Mizuho reduced their price target on shares of Comstock Resources from $10.00 to $9.00 and set an “underperform” rating on the stock in a report on Monday, April 15th. Finally, The Goldman Sachs Group raised their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Tuesday, April 2nd.

Insider Activity

In other news, major shareholder Star Exploration Corp Blue bought 12,500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the transaction, the insider now owns 194,821,429 shares in the company, valued at $1,566,364,289.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in shares of Comstock Resources by 7.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 922,263 shares of the oil and gas producer’s stock valued at $10,173,000 after acquiring an additional 60,830 shares during the last quarter. Hsbc Holdings PLC increased its position in Comstock Resources by 280.7% during the third quarter. Hsbc Holdings PLC now owns 409,406 shares of the oil and gas producer’s stock worth $4,556,000 after purchasing an additional 301,863 shares during the last quarter. Barclays PLC raised its stake in Comstock Resources by 139.7% during the third quarter. Barclays PLC now owns 326,486 shares of the oil and gas producer’s stock worth $3,600,000 after purchasing an additional 190,254 shares during the period. KGH Ltd boosted its holdings in shares of Comstock Resources by 119.3% in the 3rd quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock valued at $94,704,000 after purchasing an additional 4,670,959 shares during the last quarter. Finally, Wealthsource Partners LLC acquired a new position in shares of Comstock Resources in the 4th quarter valued at $134,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $10.34 on Friday. The company’s fifty day moving average is $9.13 and its two-hundred day moving average is $9.29. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a market capitalization of $3.02 billion, a P/E ratio of 47.00 and a beta of 0.70. Comstock Resources has a one year low of $7.07 and a one year high of $13.39.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas producer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. The firm had revenue of $335.77 million for the quarter, compared to the consensus estimate of $343.97 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The firm’s revenue was down 31.4% on a year-over-year basis. Analysts forecast that Comstock Resources will post -0.13 EPS for the current fiscal 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.