Comstock Resources (NYSE:CRK) Sets New 52-Week High - Still a Buy?

Comstock Resources, Inc. (NYSE:CRK - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $25.65 and last traded at $25.62, with a volume of 2394859 shares traded. The stock had previously closed at $23.94.

Wall Street Analyst Weigh In

CRK has been the topic of a number of analyst reports. Morgan Stanley restated a "cautious" rating and issued a $22.00 target price (up previously from $21.00) on shares of Comstock Resources in a report on Wednesday, March 26th. Mizuho increased their price objective on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Williams Trading set a $13.00 target price on Comstock Resources in a report on Wednesday, March 5th. Citigroup lifted their target price on Comstock Resources from $22.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday. Finally, UBS Group assumed coverage on Comstock Resources in a research report on Tuesday, April 22nd. They issued a "neutral" rating and a $19.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.30.

Comstock Resources Stock Performance

The firm has a market cap of $7.41 billion, a PE ratio of -33.29, a PEG ratio of 1.65 and a beta of 0.32. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27. The company has a 50-day simple moving average of $21.58 and a two-hundred day simple moving average of $19.46.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. The company had revenue of $512.85 million for the quarter, compared to the consensus estimate of $408.99 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The firm's quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. As a group, equities research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Comstock Resources by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,297,863 shares of the oil and gas producer's stock valued at $242,301,000 after buying an additional 227,638 shares during the period. Vanguard Group Inc. increased its holdings in Comstock Resources by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 9,222,982 shares of the oil and gas producer's stock worth $168,043,000 after acquiring an additional 126,380 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Comstock Resources by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,505,808 shares of the oil and gas producer's stock valued at $27,436,000 after acquiring an additional 91,988 shares during the period. Invesco Ltd. raised its stake in Comstock Resources by 79.9% in the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock valued at $23,507,000 after acquiring an additional 513,190 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock valued at $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company's stock.

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.