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 target price decreased by investment analysts at Piper Sandler from $12.00 to $10.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's price target would indicate a potential downside of 37.34% from the stock's previous close.

Several other analysts also recently issued reports on the company. Citigroup reissued a "neutral" rating and issued a $27.00 price target (up previously from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Morgan Stanley dropped their price target on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Monday, August 4th. Wall Street Zen raised Comstock Resources to a "sell" rating in a research note on Thursday, May 8th. Bank of America lifted their price target on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, UBS Group lowered their target price on Comstock Resources from $20.00 to $18.00 and set a "sell" rating on the stock in a research report on Thursday, July 31st. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $19.18.

Comstock Resources Stock Down 0.7%

Shares of CRK traded down $0.12 during midday trading on Monday, hitting $15.96. The stock had a trading volume of 1,716,122 shares, compared to its average volume of 2,683,185. The company has a 50 day simple moving average of $23.49 and a two-hundred day simple moving average of $21.11. Comstock Resources has a twelve month low of $9.09 and a twelve month high of $31.17. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -66.50 and a beta of 0.28. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36.

Comstock Resources (NYSE:CRK - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (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 firm had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. During the same quarter last year, the business posted ($0.20) EPS. The company's revenue for the quarter was up 90.5% on a year-over-year basis. On average, analysts anticipate that Comstock Resources will post 0.54 EPS for the current year.

Hedge Funds Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the business. Legacy Investment Solutions LLC acquired a new position in Comstock Resources during the second quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new position in Comstock Resources during the second quarter worth approximately $34,000. Nisa Investment Advisors LLC increased its position 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 worth $42,000 after buying an additional 1,170 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Comstock Resources during the first quarter worth approximately $52,000. Finally, Sterling Capital Management LLC increased its position in Comstock Resources by 804.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock worth $54,000 after buying an additional 2,631 shares during the last quarter. Institutional investors and hedge funds 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.