Mizuho Lowers Comstock Resources (NYSE:CRK) Price Target to $22.00

Key Points

• Mizuho has reduced its price target for Comstock Resources from $27.00 to $22.00, indicating a potential upside of 36.59% based on the company's current price.
• The stock has a consensus rating of "Reduce" among analysts, with two buy ratings and four sell ratings, reflecting mixed investor sentiment.
• Comstock Resources reported a significant revenue increase of 90.5% year-over-year, reflecting strong quarterly performance despite challenges with a negative net margin.

Comstock Resources (NYSE:CRK - Free Report) had its price objective decreased by Mizuho from $27.00 to $22.00 in a research report report published on Monday,Benzinga reports. Mizuho currently has a neutral rating on the oil and gas producer's stock.

Several other research analysts have also issued reports on CRK. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price for the company in a research report on Tuesday, June 17th. Bank of America increased their price target on Comstock Resources from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Morgan Stanley decreased their price target on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. Piper Sandler decreased their price target on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a report on Monday, August 4th. Finally, Roth Capital downgraded Comstock Resources from a "neutral" rating to a "sell" rating and reduced their target price for the company from $18.00 to $12.00 in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $18.08.

Comstock Resources Trading Down 0.9%

NYSE:CRK traded down $0.15 during trading hours on Monday, hitting $16.90. 5,520,740 shares of the company were exchanged, compared to its average volume of 2,426,528. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of -70.41 and a beta of 0.27. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources has a one year low of $9.97 and a one year high of $31.17. The company has a fifty day simple moving average of $17.66 and a 200 day simple moving average of $20.53.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.04. The business had revenue of $470.26 million during the quarter, compared to analyst estimates of $431.82 million. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.Comstock Resources's revenue for the quarter was up 90.5% compared to the same quarter last year. During the same period last year, the company earned ($0.20) EPS. Sell-side analysts expect that Comstock Resources will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Comstock Resources by 17.6% during the 1st quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock worth $138,000 after buying an additional 1,017 shares in the last quarter. Illinois Municipal Retirement Fund raised 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 valued at $917,000 after acquiring an additional 550 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Comstock Resources by 129.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock valued at $42,000 after purchasing an additional 1,170 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Comstock Resources by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock valued at $9,180,000 after purchasing an additional 11,857 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Comstock Resources during the 1st quarter valued at $701,000. Institutional investors own 36.13% of the company's stock.

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.