Comstock Resources (NYSE:CRK) Announces Quarterly Earnings Results

Key Points

• Comstock Resources reported quarterly EPS of $0.03, exceeding the $0.02 consensus estimate, but revenue of $353.28 million fell well short of the $419.22 million forecast.
• CRK shares traded at $12.64, near their 12-month low of $12.22, with a market capitalization of $3.71 billion and a price-to-earnings ratio of 5.77.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and four rate it Sell, producing a consensus “Reduce” rating and a $15.22 target price.

Comstock Resources (NYSE:CRK - Get Free Report) posted its earnings results on Wednesday. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01, FiscalAI reports. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million.

Comstock Resources Price Performance

CRK stock traded up $0.26 during mid-day trading on Wednesday, hitting $12.64. The company had a trading volume of 3,131,206 shares, compared to its average volume of 2,536,766. The company has a 50-day moving average price of $13.54 and a 200 day moving average price of $17.45. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 5.77 and a beta of 0.10. Comstock Resources has a 12-month low of $12.22 and a 12-month high of $28.10.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Roth Capital raised shares of Comstock Resources from a "sell" rating to a "neutral" rating and set a $13.00 target price on the stock in a research note on Friday, July 10th. The Goldman Sachs Group decreased their target price on Comstock Resources from $13.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, June 30th. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 9th. Mizuho reduced their price objective on Comstock Resources from $25.00 to $21.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Finally, Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the company an "equal weight" rating in a research note on Monday, June 29th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of "Reduce" and a consensus target price of $15.22.

Hedge Funds Weigh In On Comstock Resources

A number of large investors have recently added to or reduced their stakes in CRK. Kemnay Advisory Services Inc. purchased a new position in shares of Comstock Resources during the 4th quarter valued at about $29,000. Advisory Services Network LLC purchased a new position in Comstock Resources in the third quarter worth approximately $27,000. iSAM Funds UK Ltd acquired a new stake in Comstock Resources in the 3rd quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in Comstock Resources during the 4th quarter worth approximately $62,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Comstock Resources by 1,190.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer's stock worth $78,000 after buying an additional 2,606 shares during the period. 36.13% of the stock is currently owned by 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.

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