Q3 2024 EPS Estimates for Comstock Resources, Inc. (NYSE:CRK) Lowered by Analyst

Comstock Resources, Inc. (NYSE:CRK) – Analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for Comstock Resources in a report released on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will post earnings per share of ($0.16) for the quarter, down from their previous estimate of ($0.03). The consensus estimate for Comstock Resources’ current full-year earnings is ($0.33) per share. Capital One Financial also issued estimates for Comstock Resources’ FY2024 earnings at ($0.36) EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.37 EPS and FY2026 earnings at $0.70 EPS.

Several other research firms also recently weighed in on CRK. KeyCorp started coverage on Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating on the stock. Mizuho lowered their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Truist Financial increased their target price on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Monday, July 22nd. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Finally, The Goldman Sachs Group increased their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.58.

Comstock Resources Trading Up 6.8 %

Shares of Comstock Resources stock opened at $10.82 on Friday. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39. The company’s fifty day simple moving average is $10.11 and its 200-day simple moving average is $10.11. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $3.16 billion, a PE ratio of 49.18 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources’s revenue for the quarter was down 14.4% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRK. Heritage Oak Wealth Advisors LLC bought a new position in Comstock Resources during the second quarter valued at $220,000. KGH Ltd lifted its holdings in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after acquiring an additional 975,000 shares during the last quarter. Algert Global LLC purchased a new position in Comstock Resources in the second quarter worth about $107,000. Susquehanna Fundamental Investments LLC increased its stake in Comstock Resources by 110.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 432,857 shares of the oil and gas producer’s stock worth $4,493,000 after acquiring an additional 227,657 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Comstock Resources by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after purchasing an additional 1,656 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average price of $10.93 per share, for a total transaction of $11,413,106.00. Following the completion of the transaction, the insider now owns 204,495,146 shares in the company, valued at $2,235,131,945.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average cost of $10.93 per share, for a total transaction of $11,413,106.00. Following the completion of the transaction, the insider now owns 204,495,146 shares of the company’s stock, valued at $2,235,131,945.78. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the purchase, the insider now owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,712,733 shares of company stock worth $67,816,851 over the last quarter. Insiders own 1.50% of the company’s stock.

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.