Comstock Resources (NYSE:CRK) Shares Gap Down - Here's What Happened

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $22.68, but opened at $21.82. Comstock Resources shares last traded at $21.89, with a volume of 706,961 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRK. Piper Sandler reissued an "underweight" rating and set a $12.00 price objective (up previously from $6.00) on shares of Comstock Resources in a report on Tuesday, May 13th. Bank of America raised their target price on Comstock Resources from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Mizuho lifted their target price on Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Citigroup reissued a "neutral" rating and issued a $27.00 target price (up from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Finally, UBS Group reissued a "sell" rating and issued a $20.00 target price (up from $19.00) on shares of Comstock Resources in a research note on Thursday. Five equities research 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's stock. According to MarketBeat, Comstock Resources presently has a consensus rating of "Hold" and a consensus price target of $19.82.

Comstock Resources Stock Down 4.5%

The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.34. The firm has a 50 day simple moving average of $24.72 and a 200-day simple moving average of $20.95. The stock has a market cap of $6.34 billion, a P/E ratio of -19.56 and a beta of 0.37.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. The business had revenue of $512.85 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted ($0.03) earnings per share. On average, equities research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position 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 buying an additional 91,988 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Comstock Resources in the 4th quarter valued at about $11,891,000. Natixis Advisors LLC increased its position in Comstock Resources by 6.6% in the 4th quarter. Natixis Advisors LLC now owns 25,778 shares of the oil and gas producer's stock valued at $470,000 after buying an additional 1,585 shares in the last quarter. Royce & Associates LP increased its holdings in Comstock Resources by 13.0% during the 4th quarter. Royce & Associates LP now owns 779,410 shares of the oil and gas producer's stock worth $14,201,000 after purchasing an additional 89,630 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in Comstock Resources by 37.6% during the 4th quarter. Intech Investment Management LLC now owns 51,804 shares of the oil and gas producer's stock worth $944,000 after purchasing an additional 14,145 shares in the last quarter. 36.13% of the stock is currently 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.

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