Comstock Resources (NYSE:CRK) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Comstock Resources (NYSE:CRK) from a "sell" rating to a "hold".
• Comstock beat recent quarterly expectations with EPS of $0.16 versus a $0.11 estimate and revenue of $787.3M, up 115.5% year‑over‑year.
• Analyst sentiment remains mixed—one Buy, six Hold and three Sell—yielding an average rating of "Reduce" and an average price target of $20.88 versus a recent share price near $17.57.

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

Several other analysts also recently weighed in on the company. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research report on Friday, February 13th. Bank of America cut shares of Comstock Resources from a "buy" rating to a "neutral" rating and cut their target price for the stock from $27.00 to $24.00 in a report on Friday, January 16th. UBS Group set a $17.00 target price on shares of Comstock Resources in a research note on Friday, February 13th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Comstock Resources in a research note on Monday, December 29th. Finally, Mizuho lifted their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a "neutral" rating in a research note on Friday, December 12th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $20.88.

Comstock Resources Stock Performance

NYSE:CRK opened at $17.57 on Friday. The business has a 50 day moving average of $20.27 and a 200 day moving average of $21.46. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 12.46 and a beta of 0.39. Comstock Resources has a 1-year low of $14.65 and a 1-year high of $31.17. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.49 and a quick ratio of 0.49.

Comstock Resources (NYSE:CRK - Get Free Report) last released its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. The company had revenue of $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.Comstock Resources's quarterly revenue was up 115.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. On average, sell-side analysts predict that Comstock Resources will post 0.54 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the company's 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 owned 187,516 shares in the company, valued at $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Comstock Resources by 3.7% during the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer's stock valued at $103,921,000 after acquiring an additional 161,093 shares in the last quarter. Dragoneer Investment Group LLC bought a new position in shares of Comstock Resources during the fourth quarter valued at approximately $99,632,000. Bank of America Corp DE raised its holdings in shares of Comstock Resources by 5.1% during the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer's stock valued at $38,643,000 after acquiring an additional 94,856 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Comstock Resources by 50.5% during the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer's stock valued at $24,429,000 after acquiring an additional 413,611 shares in the last quarter. Finally, Aventail Capital Group LP raised its holdings in shares of Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer's stock valued at $22,680,000 after acquiring an additional 686,002 shares in the last quarter. Institutional investors 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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