Comstock Resources, Inc. (NYSE:CRK) Receives Consensus Rating of "Reduce" from Brokerages

Key Points

• Ten covering analysts give Comstock a consensus rating of Reduce (3 sell, 6 hold, 1 buy) with an average 12‑month target of $20.88 and several recent downgrades and cut price targets from major brokers.
• Comstock beat Q4 estimates with EPS of $0.16 vs. $0.11 expected and revenue of $787.3M (up 115.5% YoY), while analysts project roughly $0.81 in EPS for the fiscal year.
• Insider activity: VP Patrick Mcgough sold 48,915 shares at about $21.20 (a ~20.7% reduction in his holdings); corporate insiders own roughly 2.2% of the company.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) has been given a consensus rating of "Reduce" by the ten ratings firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, six have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $20.8750.

A number of equities research analysts have commented on CRK shares. Wall Street Zen lowered Comstock Resources from a "hold" rating to a "sell" rating in a research report on Saturday, April 25th. UBS Group set a $17.00 price target on shares of Comstock Resources in a research report on Friday, February 13th. Morgan Stanley set a $19.00 price objective on shares of Comstock Resources in a research report on Friday, February 13th. Citigroup reiterated a "neutral" rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Finally, Bank of America downgraded shares of Comstock Resources from a "buy" rating to a "neutral" rating and cut their target price for the stock from $27.00 to $24.00 in a research report on Friday, January 16th.

Insider Activity

In related news, VP Patrick Mcgough sold 48,915 shares of Comstock Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company's stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new position in Comstock Resources in the first quarter worth approximately $29,000. K.J. Harrison & Partners Inc bought a new stake in Comstock Resources in the first quarter worth approximately $1,299,000. Patriot Financial Group Insurance Agency LLC grew its position in Comstock Resources by 84.9% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 36,762 shares of the oil and gas producer's stock worth $775,000 after acquiring an additional 16,880 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Comstock Resources by 14.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 16,342 shares of the oil and gas producer's stock worth $344,000 after purchasing an additional 2,121 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Comstock Resources during the 1st quarter valued at $740,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $17.49 on Thursday. The company's fifty day moving average is $19.38 and its two-hundred day moving average is $21.17. The company has a market cap of $5.14 billion, a P/E ratio of 12.40 and a beta of 0.39. Comstock Resources has a 12-month low of $14.65 and a 12-month high of $31.17. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. The business had revenue of $787.32 million during the quarter, compared to analysts' expectations of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.Comstock Resources's revenue was up 115.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.16 earnings per share. Equities analysts expect that Comstock Resources will post 0.81 earnings per share for the current fiscal year.

About Comstock Resources

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.

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