Comstock Resources (NYSE:CRK) Stock Gets Price Target Cut from Mizuho

Key Points

• Mizuho cut Comstock Resources’ price target from $20 to $17 while maintaining a “neutral” rating. The new target implies approximately 25.7% upside from the stock’s $13.52 opening price.
• Analyst sentiment remains cautious: Comstock has a consensus “Reduce” rating and a $15 price target, based on ten Hold ratings and five Sell ratings.
• The company’s latest quarterly results modestly exceeded EPS expectations but missed revenue estimates, with revenue falling 24.9% year over year. Institutional investors currently own 36.13% of the stock.

Comstock Resources (NYSE:CRK - Get Free Report) had its target price cut by stock analysts at Mizuho from $20.00 to $17.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. Mizuho's price target points to a potential upside of 25.73% from the stock's current price.

A number of other research analysts also recently issued reports on CRK. Wall Street Zen upgraded Comstock Resources from a "strong sell" rating to a "sell" rating in a report on Saturday, October 3rd. Zacks Research lowered Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 16th. UBS Group set a $14.00 target price on Comstock Resources and gave the company a "sell" rating in a research report on Wednesday, September 9th. Morgan Stanley set a $13.00 target price on Comstock Resources and gave the company an "equal weight" rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their target price on Comstock Resources from $9.00 to $15.00 and gave the company a "sell" rating in a research note on Wednesday, September 2nd. Ten research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Comstock Resources currently has a consensus rating of "Reduce" and a consensus price target of $15.00.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $13.52 on Friday. The firm has a market cap of $3.97 billion, a PE ratio of 7.60 and a beta of 0.52. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. Comstock Resources has a 1-year low of $12.12 and a 1-year high of $28.10. The company has a fifty day moving average price of $13.93 and a 200 day moving average price of $14.52.

Comstock Resources (NYSE:CRK - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $353.28 million for the quarter, compared to the consensus estimate 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 quarter last year, the business posted $0.13 EPS. Research analysts predict that Comstock Resources will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRK. Public Employees Retirement System of Ohio acquired a new position in shares of Comstock Resources during the 2nd quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Comstock Resources in the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Comstock Resources in the fourth quarter valued at about $36,000. Axiom Investment Management LLC acquired a new stake in shares of Comstock Resources in the first quarter valued at about $63,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Comstock Resources during the second quarter worth about $68,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock's operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.

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