Comstock Resources (NYSE:CRK) Reaches New 52-Week Low - Here's Why

Key Points

• Shares hit a new 52-week low of $14.55 (last $14.5180) on Thursday, trading down about 1.4% with volume around 354,522 shares.
• Comstock reported quarterly EPS of $0.15, missing estimates of $0.23, while revenue beat at $587.35M (up 14.5% year-over-year).
• Analyst sentiment has turned negative — the stock's average rating is "Reduce" after multiple downgrades and price-target cuts, and insiders have sold shares (VP sold ~48,915 shares), with institutional ownership near 36%.

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $14.55 and last traded at $14.5180, with a volume of 354522 shares. The stock had previously closed at $14.99.

Wall Street Analyst Weigh In

CRK has been the topic of a number of research analyst reports. UBS Group set a $17.00 price target on Comstock Resources in a research note on Friday, February 13th. Wall Street Zen lowered Comstock Resources from a "hold" rating to a "sell" rating in a research note on Saturday, April 25th. Morgan Stanley set a $19.00 price target on Comstock Resources in a research note on Friday, February 13th. Citigroup restated a "neutral" rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Finally, Bank of America lowered Comstock Resources from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $27.00 to $24.00 in a research note on Friday, January 16th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of "Reduce" and an average price target of $20.88.

Comstock Resources Trading Down 1.4%

The stock has a 50-day moving average of $19.20 and a 200 day moving average of $21.13. The stock has a market cap of $4.34 billion, a PE ratio of 6.72 and a beta of 0.22. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.08). The firm had revenue of $587.35 million during the quarter, compared to analysts' expectations of $554.02 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.75%. Comstock Resources's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post 0.67 earnings per share for the current year.

Insider Buying and Selling

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 value of $1,036,998.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Goehring & Rozencwajg Associates LLC lifted its holdings in Comstock Resources by 34.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer's stock valued at $18,168,000 after acquiring an additional 222,569 shares during the period. Bleakley Financial Group LLC lifted its holdings in Comstock Resources by 3.2% in the first quarter. Bleakley Financial Group LLC now owns 36,792 shares of the oil and gas producer's stock valued at $776,000 after acquiring an additional 1,131 shares during the period. Principal Financial Group Inc. lifted its holdings in Comstock Resources by 2.2% in the first quarter. Principal Financial Group Inc. now owns 385,868 shares of the oil and gas producer's stock valued at $8,134,000 after acquiring an additional 8,146 shares during the period. International Assets Investment Management LLC lifted its holdings in Comstock Resources by 14.8% in the first quarter. International Assets Investment Management LLC now owns 12,821 shares of the oil and gas producer's stock valued at $246,000 after acquiring an additional 1,649 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Comstock Resources by 1,357.4% in the first quarter. Fifth Third Bancorp now owns 20,986 shares of the oil and gas producer's stock valued at $442,000 after acquiring an additional 19,546 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

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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