Comstock Resources (NYSE:CRK) Stock Price Down 7.3% - Time to Sell?

Comstock Resources, Inc. (NYSE:CRK - Get Free Report)'s stock price was down 7.3% on Monday . The stock traded as low as $21.35 and last traded at $21.46. Approximately 373,167 shares traded hands during trading, a decline of 85% from the average daily volume of 2,489,693 shares. The stock had previously closed at $23.16.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Morgan Stanley reissued a "cautious" rating and issued a $22.00 price objective (up previously from $21.00) on shares of Comstock Resources in a report on Wednesday, March 26th. Piper Sandler reaffirmed an "underweight" rating and set a $12.00 price target (up from $6.00) on shares of Comstock Resources in a research report on Tuesday, May 13th. Wall Street Zen raised shares of Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. Citigroup reaffirmed a "neutral" rating and issued a $27.00 target price (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Finally, Wolfe Research upgraded shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price for the company in a research note on Tuesday, June 17th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Comstock Resources has an average rating of "Hold" and a consensus target price of $19.82.

Comstock Resources Price Performance

The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -19.07 and a beta of 0.37. The company's 50-day simple moving average is $24.80 and its 200-day simple moving average is $21.28. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.40 and a quick ratio of 0.40.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its 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 analyst estimates of $408.99 million. Comstock Resources had a negative return on equity of 0.67% and a negative net margin of 23.39%. The firm's quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.03) earnings per share. Research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently modified their holdings of the business. Corigliano Investment Advisers LLC bought a new position in Comstock Resources during the 4th quarter worth $11,450,000. Invesco Ltd. increased its position in shares of Comstock Resources by 79.9% in the first quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares during the period. Goldman Sachs Group Inc. raised its stake in Comstock Resources by 67.4% in 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 in the last quarter. Woodline Partners LP bought a new stake in Comstock Resources during the first quarter worth about $8,719,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Comstock Resources during the fourth quarter worth about $6,349,000. 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.