Comstock Resources, Inc. (NYSE:CRK) Receives $18.08 Consensus Target Price from Brokerages

Key Points

• Analysts have assigned Comstock Resources, Inc. a consensus rating of "Reduce", with four sell, five hold, and two buy recommendations.
• The average twelve-month target price for the stock is $18.08, reflecting recent downgrades from several brokerages.
• Comstock Resources reported a quarterly EPS of $0.13, exceeding expectations, with revenue up 90.5% year-over-year to $470.26 million.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) has been assigned a consensus rating of "Reduce" from the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $18.0833.

A number of research firms have weighed in on CRK. Piper Sandler lowered their price objective on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a research note on Monday, August 4th. Bank of America increased their price objective on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Roth Capital cut Comstock Resources from a "neutral" rating to a "sell" rating and decreased their target price for the company from $18.00 to $12.00 in a research report on Monday, August 18th. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research report on Tuesday, June 17th. Finally, UBS Group decreased their price objective on Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research report on Wednesday, August 20th.

Comstock Resources Trading Down 0.9%

CRK stock traded down $0.15 during midday trading on Wednesday, reaching $16.90. The company's stock had a trading volume of 5,520,740 shares, compared to its average volume of 1,967,564. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a fifty day simple moving average of $17.55 and a two-hundred day simple moving average of $20.51. Comstock Resources has a 1 year low of $9.97 and a 1 year high of $31.17. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of -70.41 and a beta of 0.27.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The firm had revenue of $470.26 million for the quarter, compared to analyst estimates of $431.82 million. During the same quarter last year, the firm posted ($0.20) earnings per share. The business's revenue for the quarter was up 90.5% on a year-over-year basis. On average, equities research analysts predict that Comstock Resources will post 0.54 EPS for the current year.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its position in shares of Comstock Resources by 344.5% in the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer's stock valued at $51,296,000 after purchasing an additional 1,436,746 shares during the period. Invesco Ltd. lifted its stake in shares of Comstock Resources by 79.9% during the first quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after acquiring an additional 437,476 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Comstock Resources by 195.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 588,033 shares of the oil and gas producer's stock worth $16,271,000 after acquiring an additional 389,261 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Comstock Resources by 21.3% in the second quarter. First Trust Advisors LP now owns 465,554 shares of the oil and gas producer's stock valued at $12,882,000 after buying an additional 81,627 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

About Comstock Resources

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.