Bank of America Forecasts Strong Price Appreciation for Comstock Resources (NYSE:CRK) Stock

Comstock Resources (NYSE:CRK - Get Free Report) had its price objective boosted by research analysts at Bank of America from $25.00 to $27.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the oil and gas producer's stock. Bank of America's price target would indicate a potential upside of 11.20% from the company's current price.

Several other research firms have also recently commented on CRK. Mizuho upped their target price on shares of Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. UBS Group assumed coverage on shares of Comstock Resources in a research report on Tuesday, April 22nd. They issued a "neutral" rating and a $19.00 target price for the company. Piper Sandler restated an "underweight" rating and issued a $12.00 target price (up previously from $6.00) on shares of Comstock Resources in a research report on Tuesday, May 13th. Morgan Stanley restated a "cautious" rating and issued a $22.00 target price (up previously from $21.00) on shares of Comstock Resources in a research report on Wednesday, March 26th. Finally, Williams Trading set a $13.00 price objective on shares of Comstock Resources in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of "Hold" and a consensus price target of $16.50.

Comstock Resources Stock Performance

Shares of NYSE:CRK traded up $0.52 during trading on Friday, reaching $24.28. 1,943,972 shares of the company's stock traded hands, compared to its average volume of 2,580,449. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.46 and a quick ratio of 0.60. Comstock Resources has a 12 month low of $7.74 and a 12 month high of $24.70. The company has a 50 day moving average of $20.57 and a 200-day moving average of $18.68. The stock has a market capitalization of $7.11 billion, a P/E ratio of -31.95, a price-to-earnings-growth ratio of 1.65 and a beta of 0.14.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The firm had revenue of $512.85 million during the quarter, compared to analysts' expectations of $408.99 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. Comstock Resources's quarterly revenue was up 52.7% on a year-over-year basis. On average, equities analysts expect that Comstock Resources will post 0.54 EPS for the current year.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its stake in Comstock Resources by 1.2% during the first quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock valued at $917,000 after purchasing an additional 550 shares during the last quarter. Bank of Montreal Can lifted its stake in Comstock Resources by 1.9% during the fourth quarter. Bank of Montreal Can now owns 40,983 shares of the oil and gas producer's stock valued at $747,000 after purchasing an additional 772 shares during the last quarter. GAMMA Investing LLC lifted its stake in Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after purchasing an additional 1,017 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Comstock Resources by 11.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,599 shares of the oil and gas producer's stock valued at $236,000 after purchasing an additional 1,145 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Comstock Resources by 129.3% during the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock valued at $42,000 after purchasing an additional 1,170 shares during the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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.