Comstock Resources (NYSE:CRK) Stock Price Down 7.2% - What's Next?

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) dropped 7.2% during trading on Tuesday . The stock traded as low as $26.06 and last traded at $25.67. Approximately 364,392 shares changed hands during trading, a decline of 85% from the average daily volume of 2,503,760 shares. The stock had previously closed at $27.67.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price on the stock in a research report on Tuesday, June 17th. UBS Group started coverage on shares of Comstock Resources in a report on Tuesday, April 22nd. They set a "neutral" rating and a $19.00 price objective on the stock. Bank of America lifted their price objective on shares of Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Williams Trading set a $13.00 target price on shares of Comstock Resources in a report on Wednesday, March 5th. Finally, Mizuho boosted their price objective on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Comstock Resources presently has an average rating of "Hold" and a consensus price target of $19.73.

Comstock Resources Stock Performance

The company's 50 day simple moving average is $24.09 and its 200 day simple moving average is $20.65. The stock has a market cap of $7.41 billion, a PE ratio of -22.80 and a beta of 0.36. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.40 and a current ratio of 0.40.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $512.85 million during the quarter, compared to analyst estimates of $408.99 million. Comstock Resources had a negative net margin of 23.39% and a negative return on equity of 0.67%. The firm's revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. Analysts expect 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 and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in shares of Comstock Resources by 225.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer's stock valued at $64,000 after buying an additional 2,326 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Comstock Resources in the 4th quarter valued at about $272,000. Charles Schwab Investment Management Inc. lifted its holdings in Comstock Resources by 6.5% during the fourth 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 purchasing an additional 91,988 shares during the last quarter. Carrera Capital Advisors bought a new position in Comstock Resources during the fourth quarter worth about $1,387,000. Finally, Raymond James Financial Inc. bought a new position in Comstock Resources during the fourth quarter worth about $11,891,000. 36.13% of the stock is owned by institutional investors.

About Comstock Resources

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.