Comstock Resources (NYSE:CRK) Lowered to "Strong Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Comstock Resources to “strong sell” from “sell,” while the broader analyst consensus remains “Reduce,” with a $14.89 price target.
• Comstock’s shares opened at $14.27 after a 2.4% decline, with the stock trading well below its 52-week high of $28.10.
• The company slightly beat quarterly EPS expectations at $0.03, but revenue of $353.28 million fell short of estimates and declined 24.9% year over year.

Comstock Resources (NYSE:CRK - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday.

A number of other analysts also recently issued reports on the company. Williams Trading set a $16.00 price target on Comstock Resources in a research report on Thursday, May 14th. The Goldman Sachs Group cut their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, June 30th. Roth Capital reissued a "neutral" rating on shares of Comstock Resources in a research note on Thursday, July 30th. Citigroup lowered their target price on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Comstock Resources in a report on Monday, August 17th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $14.89.

Comstock Resources Trading Down 2.4%

Shares of NYSE CRK opened at $14.27 on Friday. Comstock Resources has a 1-year low of $12.12 and a 1-year high of $28.10. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The business's 50 day moving average is $13.70 and its two-hundred day moving average is $16.09. The stock has a market capitalization of $4.19 billion, a P/E ratio of 8.02 and a beta of 0.13.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The company's revenue for the quarter was down 24.9% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. As a group, research analysts expect that Comstock Resources will post 0.4 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System grew its position in Comstock Resources by 1,095.9% in the 2nd quarter. California State Teachers Retirement System now owns 1,251,609 shares of the oil and gas producer's stock valued at $18,674,000 after acquiring an additional 1,146,954 shares during the last quarter. Wedmont Private Capital bought a new stake in shares of Comstock Resources during the second quarter worth $264,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Comstock Resources during the second quarter valued at $150,000. AXQ Capital LP purchased a new stake in shares of Comstock Resources during the second quarter valued at $159,000. Finally, Two Sigma Securities LLC bought a new position in shares of Comstock Resources in the second quarter worth about $193,000. 36.13% of the stock is owned by institutional investors.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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