Comstock Resources (NYSE:CRK) Price Target Lowered to $18.00 at Morgan Stanley

Key Points

• Morgan Stanley lowered its price target on Comstock Resources to $18 from $19 while keeping an equal weight rating. The new target still implies about 29.9% upside from the prior close.
• Other analysts have remained cautious or bearish on CRK, including a recent downgrade to strong sell from Wall Street Zen and a $13 target from UBS. Overall, MarketBeat shows a Reduce consensus rating with a $19.78 average price target.
• Shares were down 1.8% to $13.85, near their 52-week low, after the company reported Q1 EPS of $0.15, missing estimates even as revenue came in above expectations. The stock is also trading well below its 50-day and 200-day moving averages.

Comstock Resources (NYSE:CRK - Get Free Report) had its price target decreased by Morgan Stanley from $19.00 to $18.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the oil and gas producer's stock. Morgan Stanley's price objective indicates a potential upside of 29.94% from the stock's previous close.

Several other research firms also recently issued reports on CRK. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 9th. UBS Group reissued a "sell" rating and issued a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Citigroup reaffirmed a "neutral" rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Comstock Resources in a research note on Wednesday. Finally, Williams Trading set a $16.00 price objective on shares of Comstock Resources in a report on Thursday, May 14th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $19.78.

Comstock Resources Trading Down 1.8%

CRK stock traded down $0.26 during midday trading on Friday, hitting $13.85. 193,620 shares of the company's stock were exchanged, compared to its average volume of 2,470,953. Comstock Resources has a one year low of $13.76 and a one year high of $31.17. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The company has a market cap of $4.07 billion, a PE ratio of 6.33 and a beta of 0.22. The stock's fifty day moving average price is $18.05 and its 200-day moving average price is $20.89.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business had revenue of $587.35 million during the quarter, compared to the consensus estimate of $554.02 million. During the same quarter last year, the company earned $0.18 earnings per share. The firm's revenue was up 14.5% compared to the same quarter last year. Research analysts predict that Comstock Resources will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction that occurred 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 transaction, the vice president directly owned 187,516 shares of the company's stock, valued at approximately $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently made changes to their positions in the stock. Liontrust Investment Partners LLP increased its holdings in Comstock Resources by 877.8% during the first quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer's stock worth $2,718,000 after buying an additional 115,752 shares during the last quarter. Bank of America Corp DE lifted its stake in Comstock Resources by 5.5% in the first quarter. Bank of America Corp DE now owns 726,140 shares of the oil and gas producer's stock valued at $15,307,000 after acquiring an additional 38,060 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Comstock Resources by 30.5% in the 1st quarter. California State Teachers Retirement System now owns 104,655 shares of the oil and gas producer's stock valued at $2,206,000 after acquiring an additional 24,486 shares during the period. Royal Bank of Canada grew its position in shares of Comstock Resources by 3.6% in the 1st quarter. Royal Bank of Canada now owns 151,930 shares of the oil and gas producer's stock valued at $3,202,000 after acquiring an additional 5,288 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of Comstock Resources by 11.5% during the 1st quarter. Empowered Funds LLC now owns 120,577 shares of the oil and gas producer's stock worth $2,542,000 after purchasing an additional 12,474 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company's stock.

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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