Comstock Resources (NYSE:CRK) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Comstock Resources has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, reflecting increasing concerns among analysts about the company's performance.
• Other analysts have also lowered their price targets, with UBS Group reducing it from $18.00 to $14.00 and Mizuho from $27.00 to $22.00, indicating a general bearish outlook.
• Despite the downgrades, Comstock Resources recently reported earnings of $0.13 per share for the quarter, beating estimates and showing a 90.5% year-over-year revenue increase, suggesting some underlying strengths.

Comstock Resources (NYSE:CRK - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. UBS Group cut their target price on Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a research note on Wednesday, August 20th. Mizuho cut their price objective on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating on the stock in a research report on Monday, September 15th. 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. Weiss Ratings reissued a "sell (d+)" rating on shares of Comstock Resources in a research note on Wednesday, October 8th. Finally, Morgan Stanley cut their price target on shares of Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, Comstock Resources has an average rating of "Reduce" and an average price target of $19.70.

Comstock Resources Stock Up 0.3%

NYSE CRK opened at $19.27 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources has a 52 week low of $11.05 and a 52 week high of $31.17. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of -80.30 and a beta of 0.19. The company has a fifty day moving average of $17.38 and a two-hundred day moving average of $20.62.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.04. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The business had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. The business's revenue for the quarter was up 90.5% on a year-over-year basis. On average, analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Institutional Trading of Comstock Resources

A number of hedge funds have recently added to or reduced their stakes in CRK. Legacy Investment Solutions LLC purchased a new position in Comstock Resources during the 2nd quarter valued at about $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Comstock Resources in the 2nd quarter worth approximately $34,000. Nisa Investment Advisors LLC boosted its stake in shares of 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 purchasing an additional 1,170 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Comstock Resources during the second quarter valued at approximately $69,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in Comstock Resources during the first quarter valued at approximately $52,000. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.