Comstock Resources, Inc. (NYSE:CRK) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• Comstock Resources, Inc. has received a consensus recommendation of "Reduce" from analysts, with five rating it as a sell and two as a buy.
• The stock's average twelve-month target price is $18.73, significantly impacted by recent downgrades from various brokerages.
• In its latest quarterly report, the company reported a 90.5% year-over-year revenue increase, with earnings per share of $0.13, surpassing analysts' expectations.

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $18.7273.

Several brokerages have recently issued reports on CRK. Roth Capital lowered shares of Comstock Resources from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $18.00 to $12.00 in a research report on Monday, August 18th. Piper Sandler lowered their price target on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a research report on Monday, August 4th. Weiss Ratings restated a "sell (d+)" rating on shares of Comstock Resources in a research report on Wednesday. UBS Group lowered their price target on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a research report on Wednesday, August 20th. Finally, Wolfe Research upgraded shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price on the stock in a report on Tuesday, June 17th.

Institutional Investors Weigh In On Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Comstock Resources by 17.6% in the 1st quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after acquiring an additional 1,017 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Comstock Resources during the 2nd quarter worth approximately $2,610,000. Fiduciary Alliance LLC purchased a new stake in Comstock Resources during the 2nd quarter worth approximately $515,000. Public Employees Retirement System of Ohio increased its stake in Comstock Resources by 2,433.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer's stock worth $1,495,000 after buying an additional 51,897 shares during the period. Finally, Illinois Municipal Retirement Fund grew its holdings in Comstock Resources by 1.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after acquiring an additional 550 shares in the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Trading Down 7.0%

Shares of Comstock Resources stock opened at $18.40 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a fifty day moving average price of $17.19 and a 200 day moving average price of $20.64. Comstock Resources has a 1 year low of $11.05 and a 1 year high of $31.17. The stock has a market cap of $5.39 billion, a PE ratio of -76.66 and a beta of 0.19.

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

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.

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