Comstock Resources (NYSE:CRK) Stock Price Expected to Rise, Truist Financial Analyst Says

Comstock Resources (NYSE:CRK) had its price objective raised by equities researchers at Truist Financial from $11.00 to $19.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target suggests a potential downside of 5.24% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price target for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Morgan Stanley started coverage on Comstock Resources in a research report on Friday. They set an “equal weight” rating and a $18.00 price objective for the company. Citigroup boosted their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Bank of America started coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research report on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.30.

Comstock Resources Price Performance

NYSE:CRK opened at $20.05 on Monday. The firm has a fifty day simple moving average of $15.77 and a 200 day simple moving average of $12.45. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $20.08. The stock has a market capitalization of $5.86 billion, a PE ratio of -111.38 and a beta of 0.51. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business’s quarterly revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 earnings per share. On average, research analysts expect that Comstock Resources will post -0.44 EPS for the current fiscal year.

Insider Transactions at Comstock Resources

In other news, Director Elizabeth B. Davis sold 8,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $18.17, for a total transaction of $145,360.00. Following the completion of the sale, the director now directly owns 99,632 shares of the company’s stock, valued at $1,810,313.44. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 38,000 shares of company stock valued at $634,660 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CRK. Arizona State Retirement System increased its position in shares of Comstock Resources by 6.9% during the second quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock valued at $297,000 after acquiring an additional 1,848 shares during the last quarter. Choreo LLC purchased a new stake in shares of Comstock Resources during the 2nd quarter valued at $105,000. Texas Permanent School Fund Corp raised its stake in shares of Comstock Resources by 164.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 211,626 shares of the oil and gas producer’s stock worth $2,197,000 after purchasing an additional 131,733 shares during the period. American Century Companies Inc. boosted its holdings in shares of Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after buying an additional 362,043 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Comstock Resources by 26.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after buying an additional 2,438,252 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.