Comstock Resources (NYSE:CRK) Shares Gap Down - Should You Sell?

Comstock Resources, Inc. (NYSE:CRK - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $28.76, but opened at $28.16. Comstock Resources shares last traded at $27.86, with a volume of 178,884 shares changing hands.

Wall Street Analyst Weigh In

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

Comstock Resources Stock Down 3.4%

The company's 50-day simple moving average is $24.22 and its two-hundred day simple moving average is $20.68. The firm has a market capitalization of $7.03 billion, a P/E ratio of -21.63 and a beta of 0.37. 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 posted its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The firm had revenue of $512.85 million during 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%. Comstock Resources's revenue was up 52.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. As a group, research analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRK. Intech Investment Management LLC raised its stake in Comstock Resources by 26.0% during the 1st quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer's stock worth $1,328,000 after acquiring an additional 13,485 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Comstock Resources during the 1st quarter valued at $271,000. Woodline Partners LP purchased a new position in shares of Comstock Resources during the 1st quarter valued at $8,719,000. Goldman Sachs Group Inc. boosted its holdings in Comstock Resources by 67.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after buying an additional 437,476 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Comstock Resources by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer's stock worth $1,124,000 after buying an additional 2,697 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.