Wall Street Zen Upgrades Comstock Resources (NYSE:CRK) to Sell

Key Points

• Wall Street Zen upgraded Comstock Resources from “strong sell” to “sell,” but overall analyst sentiment remains negative, with a consensus “reduce” rating and an average price target of $15.75.
• CRK opened at $12.80, below its 50-day and 200-day moving averages, and is down substantially from its 52-week high of $28.10.
• Comstock’s latest quarterly results beat EPS expectations, but revenue fell 24.9% year over year to $353.28 million, missing analyst forecasts of $419.22 million.

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

Other equities analysts have also issued reports about the company. Mizuho increased their price target on Comstock Resources from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Tuesday, September 1st. BMO Capital Markets reissued a "market perform" rating and issued a $17.00 price objective (up from $13.00) on shares of Comstock Resources in a research note on Wednesday, September 2nd. Citigroup cut their price objective on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Truist Financial began coverage on Comstock Resources in a research note on Thursday, September 17th. They set a "hold" rating and a $16.00 target price for the company. Finally, Zacks Research lowered Comstock Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Ten equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $15.75.

Comstock Resources Stock Down 0.3%

CRK stock opened at $12.80 on Friday. The firm's 50-day moving average is $13.80 and its two-hundred day moving average is $15.06. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 7.19 and a beta of 0.52. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. 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 (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. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million during the quarter, compared to analysts' expectations of $419.22 million. During the same period last year, the firm posted $0.13 earnings per share. The business's revenue was down 24.9% on a year-over-year basis. On average, analysts forecast that Comstock Resources will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRK. BlackRock Inc. bought a new stake in shares of Comstock Resources during the 2nd quarter worth $176,583,000. Dragoneer Investment Group LLC purchased a new stake in shares of Comstock Resources during the fourth quarter valued at $99,632,000. State Street Corp boosted its position in shares of Comstock Resources by 2.7% in the 2nd quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer's stock valued at $79,622,000 after purchasing an additional 141,295 shares during the period. First Trust Advisors LP boosted its position in shares of Comstock Resources by 143.2% in the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer's stock valued at $22,759,000 after purchasing an additional 635,781 shares during the period. Finally, Gemsstock Ltd. acquired a new position in shares of Comstock Resources in the 4th quarter valued at $19,186,000. 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, 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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