Comstock Resources (NYSE:CRK) Price Target Cut to $10.00 by Analysts at Piper Sandler

Key Points

• Analysts at Piper Sandler have reduced the price target for Comstock Resources from $12.00 to $10.00, indicating a potential downside of 39.42% from the stock's current price.
• While Piper Sandler maintains an "underweight" rating, other analysts have varied opinions with price targets ranging from $18.00 to $34.00, showcasing a mix of sell, hold, and buy ratings.
• Comstock Resources recently reported a quarterly revenue of $470.26 million, exceeding analysts' expectations, with an earnings per share (EPS) of $0.13, marking a strong improvement from a loss of ($0.20) EPS during the same period last year.

Comstock Resources (NYSE:CRK - Get Free Report) had its price objective lowered by equities researchers at Piper Sandler from $12.00 to $10.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage presently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's target price suggests a potential downside of 37.83% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. Citigroup restated a "neutral" rating and issued a $27.00 price objective (up previously from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. UBS Group decreased their price target on shares of Comstock Resources from $20.00 to $18.00 and set a "sell" rating on the stock in a research note on Thursday, July 31st. Wolfe Research upgraded 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. Mizuho raised their price target on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Finally, Bank of America upped their price target on shares of Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.18.

Comstock Resources Price Performance

CRK stock traded down $0.18 during trading on Monday, hitting $16.09. The company had a trading volume of 1,892,267 shares, compared to its average volume of 2,449,284. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of -67.02 and a beta of 0.28. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. The business has a 50 day moving average of $23.78 and a 200 day moving average of $21.19. Comstock Resources has a fifty-two week low of $8.90 and a fifty-two week high of $31.17.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its 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 business had revenue of $470.26 million during the quarter, compared to the consensus estimate of $431.82 million. During the same period in the prior year, the business posted ($0.20) earnings per share. Comstock Resources's revenue was up 90.5% compared to the same quarter last year. As a group, research analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Institutional Trading of Comstock Resources

Several large investors have recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in Comstock Resources during the second quarter worth about $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Comstock Resources in the second quarter worth about $34,000. Nisa Investment Advisors LLC grew its stake in Comstock Resources by 129.3% during the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock valued at $42,000 after acquiring an additional 1,170 shares in the last quarter. Emerald Mutual Fund Advisers Trust bought a new position in Comstock Resources in the 1st quarter valued at $52,000. Finally, Sterling Capital Management LLC increased its stake in Comstock Resources by 804.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock worth $54,000 after acquiring an additional 2,631 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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.