Comstock Resources (NYSE:CRK) Raised to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Comstock Resources from “strong sell” to “sell,” while the broader analyst consensus remains “Reduce,” with six Hold ratings and four Sell ratings and an average price target of $15.22.
• Comstock shares opened at $13.22 after rising 4.1%; the stock remains well below its 52-week high of $28.10 and its 200-day moving average of $17.30.
• The company reported quarterly EPS of $0.03, beating expectations of $0.02, but revenue of $353.28 million fell short of estimates and declined 24.9% year over year.

Comstock Resources (NYSE:CRK - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday.

A number of other analysts have also commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Mizuho dropped their price objective on shares of Comstock Resources from $25.00 to $21.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Roth Capital reiterated a "neutral" rating on shares of Comstock Resources in a research report on Thursday. Citigroup reduced their target price on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, July 20th. Finally, UBS Group reissued a "sell" rating and set a $13.00 target price (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $15.22.

Comstock Resources Stock Up 4.1%

Shares of CRK opened at $13.22 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 0.48. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 7.43 and a beta of 0.10. The stock has a fifty day moving average of $13.47 and a 200-day moving average of $17.30.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business had revenue of $353.28 million for the quarter, compared to analyst estimates of $419.22 million. During the same quarter in the previous year, the company posted $0.13 EPS. Comstock Resources's quarterly revenue was down 24.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Comstock Resources will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds have recently made changes to their positions in CRK. Rothschild Investment LLC lifted its stake in shares of Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer's stock valued at $26,000 after purchasing an additional 1,007 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources during the 4th quarter worth approximately $29,000. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources during the 3rd quarter worth approximately $27,000. Hantz Financial Services Inc. grew its position in shares of Comstock Resources by 877.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer's stock worth $33,000 after buying an additional 1,290 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources in the 1st quarter valued at $29,000. 36.13% of the stock is currently owned by institutional investors.

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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