Citigroup Cuts Comstock Resources (NYSE:CRK) Price Target to $16.00

Key Points

• Citigroup lowered its price target on Comstock Resources from $19 to $16 while keeping a neutral rating, implying about 23.6% upside from the prior close.
• Recent analyst sentiment has been cautious overall, with multiple firms issuing hold or sell-equivalent ratings; MarketBeat shows an average rating of "Reduce" and an average target price of $15.22.
• Comstock shares fell to $12.95 in Monday trading, near their 12-month low, after the company reported Q1 EPS of $0.15, below estimates, even as revenue beat expectations at $587.35 million.

Comstock Resources (NYSE:CRK - Get Free Report) had its target price reduced by analysts at Citigroup from $19.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas producer's stock. Citigroup's price objective indicates a potential upside of 23.60% from the stock's previous close.

CRK has been the topic of several other research reports. Zacks Research lowered shares of Comstock Resources from a "hold" rating to a "strong sell" rating in a report on Thursday. Wall Street Zen lowered shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 9th. Roth Capital upgraded Comstock Resources from a "sell" rating to a "neutral" rating and set a $13.00 price objective on the stock in a report on Friday, July 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Finally, Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $15.22.

Comstock Resources Price Performance

CRK stock traded down $0.40 during mid-day trading on Monday, hitting $12.95. 858,396 shares of the stock were exchanged, compared to its average volume of 2,532,949. The business has a fifty day moving average price of $13.77 and a 200 day moving average price of $17.94. Comstock Resources has a 12 month low of $12.44 and a 12 month high of $28.10. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 5.92 and a beta of 0.10.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.08). The firm had revenue of $587.35 million for the quarter, compared to analysts' expectations of $554.01 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. On average, sell-side analysts anticipate that Comstock Resources will post 0.49 EPS for the current year.

Institutional Trading of Comstock Resources

A number of institutional investors have recently modified their holdings of the company. AQR Capital Management LLC bought a new stake in shares of Comstock Resources in the first quarter worth about $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Comstock Resources by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer's stock valued at $1,124,000 after purchasing an additional 2,697 shares during the period. Goldman Sachs Group Inc. raised its position in Comstock Resources by 67.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock valued at $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Intech Investment Management LLC raised its position in Comstock Resources by 26.0% during the 1st quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer's stock valued at $1,328,000 after purchasing an additional 13,485 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Comstock Resources in the 2nd quarter worth approximately $93,000. 36.13% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.