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

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

Several equities research 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. Wall Street Zen raised Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. Piper Sandler reissued an "underweight" rating and set a $12.00 target price (up previously from $6.00) on shares of Comstock Resources in a research report on Tuesday, May 13th. Citigroup reissued a "neutral" rating and set a $27.00 target price (up previously from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Finally, Mizuho raised their target price on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $19.82.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.34, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a 50 day simple moving average of $24.83 and a two-hundred day simple moving average of $21.08. The company has a market cap of $6.56 billion, a PE ratio of -20.17 and a beta of 0.37.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.02. Comstock Resources had a negative return on equity of 0.67% and a negative net margin of 23.39%. The company had revenue of $512.85 million during the quarter, compared to analysts' expectations of $408.99 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The firm's revenue for the quarter was up 52.7% on a year-over-year basis. Equities analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Comstock Resources during the fourth quarter worth approximately $11,891,000. Corigliano Investment Advisers LLC purchased a new stake in shares of Comstock Resources during the fourth quarter worth approximately $11,450,000. Invesco Ltd. raised its stake in shares of Comstock Resources by 79.9% during 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 last quarter. Goldman Sachs Group Inc. raised its stake in shares of 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 worth $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of Comstock Resources during the first quarter worth approximately $8,719,000. 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.