Comstock Resources (NYSE:CRK) Releases Earnings Results, Misses Expectations By $0.08 EPS

Key Points

• Comstock reported $0.15 EPS for the quarter, missing analysts' consensus of $0.23 by $0.08, with a return on equity of 6.30% and a net margin of 17.80%.
• Shares fell about 2.4% to $17.35 on the news; the stock has a 52‑week range of $14.65–$31.17, a market cap of $5.09 billion and a P/E of 12.3.
• Analysts' consensus rating is "Reduce" with an average target of $20.88, and VP Patrick McGough recently sold 48,915 shares, cutting his stake by 20.69%.

Comstock Resources (NYSE:CRK - Get Free Report) posted its earnings results on Tuesday. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.08), Zacks reports. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.

Comstock Resources Trading Down 2.4%

CRK stock traded down $0.42 during trading on Tuesday, reaching $17.35. The company had a trading volume of 2,105,988 shares, compared to its average volume of 2,352,994. Comstock Resources has a 52 week low of $14.65 and a 52 week high of $31.17. The company has a market cap of $5.09 billion, a P/E ratio of 12.30 and a beta of 0.22. The business has a 50 day moving average of $19.33 and a 200 day moving average of $21.17. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.49 and a quick ratio of 0.49.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley set a $19.00 target price on shares of Comstock Resources in a report on Friday, February 13th. Wall Street Zen lowered shares of Comstock Resources from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. UBS Group set a $17.00 price target on shares of Comstock Resources in a research note on Friday, February 13th. Citigroup reissued a "neutral" rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Finally, Bank of America downgraded shares of Comstock Resources from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $27.00 to $24.00 in a research note on Friday, January 16th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $20.88.

Insider Transactions at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value 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 $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC bought a new position in shares of Comstock Resources during the third quarter valued at approximately $27,000. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources during the fourth quarter valued at approximately $29,000. iSAM Funds UK Ltd bought a new position in shares of Comstock Resources during the third quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Comstock Resources during the fourth quarter valued at approximately $62,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Comstock Resources by 1,190.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer's stock valued at $78,000 after purchasing an additional 2,606 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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