Comstock Resources (NYSE:CRK) Stock Rating Reaffirmed as Hold by Truist Financial

Key Points

• Truist reaffirmed its Hold rating on Comstock Resources but lowered its price target from $16 to $15, implying about 9.7% upside from the current share price.
• Analyst sentiment is cautious: MarketBeat reports a consensus “Reduce” rating and a $14.92 average price target, with 10 analysts at Hold and five at Sell.
• Comstock missed quarterly expectations, reporting EPS of $0.02 versus $0.04 expected and revenue of $384.36 million versus $420.97 million expected; revenue fell 14.6% year over year.

Comstock Resources (NYSE:CRK - Get Free Report)'s stock had its "hold" rating reiterated by Truist Financial in a report released on Friday, Benzinga reports. They presently have a $15.00 price objective on the oil and gas producer's stock, down from their prior price objective of $16.00. Truist Financial's target price points to a potential upside of 9.74% from the stock's current price.

CRK has been the topic of several other reports. Jefferies Financial Group started coverage on shares of Comstock Resources in a report on Friday, September 25th. They set a "hold" rating and a $14.00 price target on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Comstock Resources in a research report on Monday, August 17th. UBS Group set a $14.00 price objective on shares of Comstock Resources and gave the company a "sell" rating in a research note on Wednesday, September 9th. Morgan Stanley set a $13.00 price objective on Comstock Resources and gave the company an "equal weight" rating in a research note on Thursday, October 15th. Finally, Zacks Research cut Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 16th. Ten research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $14.92.

Comstock Resources Trading Up 2.6%

Shares of NYSE CRK traded up $0.35 during trading on Friday, reaching $13.67. The company had a trading volume of 812,878 shares, compared to its average volume of 2,539,744. The stock has a market cap of $4.01 billion, a P/E ratio of 9.34 and a beta of 0.54. The company's fifty day moving average price is $13.96 and its 200-day moving average price is $16.05. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98. Comstock Resources has a 12 month low of $12.12 and a 12 month high of $28.10.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its earnings results on Wednesday, November 4th. The oil and gas producer reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $384.36 million for the quarter, compared to the consensus estimate of $420.97 million. Comstock Resources had a net margin of 19.83% and a return on equity of 3.25%. The firm's revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 EPS. As a group, research analysts expect that Comstock Resources will post 0.31 earnings per share for the current year.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC boosted its holdings in shares of Comstock Resources by 8.1% in the 3rd quarter. ProShare Advisors LLC now owns 11,060 shares of the oil and gas producer's stock valued at $136,000 after acquiring an additional 828 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in Comstock Resources by 3.2% in the first quarter. Bleakley Financial Group LLC now owns 36,792 shares of the oil and gas producer's stock valued at $776,000 after buying an additional 1,131 shares in the last quarter. Isthmus Partners LLC boosted its stake in shares of Comstock Resources by 0.6% during the 3rd quarter. Isthmus Partners LLC now owns 194,679 shares of the oil and gas producer's stock worth $2,398,000 after acquiring an additional 1,201 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Comstock Resources in the first quarter valued at approximately $29,000. Finally, International Assets Investment Management LLC grew its stake in Comstock Resources by 14.8% in the 1st quarter. International Assets Investment Management LLC now owns 12,821 shares of the oil and gas producer's stock valued at $246,000 after acquiring an additional 1,649 shares during the period. Hedge funds and other institutional investors own 36.13% of the company's stock.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company's operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock's core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.

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