Comstock Resources (NYSE:CRK) Shares Up 7.8% - Here's Why

Key Points

• Shares of Comstock Resources (CRK) jumped 7.8% to about $22.24 after the company reported quarterly EPS $0.16 (vs. $0.11 est.) and revenue of $787.3M, up 115.5% year‑over‑year.
• Analysts remain mixed: the consensus rating is "Reduce" with an average target of $21.00 (one Buy, six Hold, three Sell), leaving the current price slightly above the street target.
• Insider and institutional activity was notable—VP Patrick McGough sold 48,915 shares (~$1.04M) while large institutions like Goldman Sachs materially increased holdings (up 67.4% to 1,086,868 shares); insiders own 2.2% of the stock.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) was up 7.8% during trading on Thursday . The stock traded as high as $22.00 and last traded at $22.2380. 513,425 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 2,429,653 shares. The stock had previously closed at $20.63.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of Comstock Resources in a research report on Monday, December 29th. UBS Group set a $17.00 price objective on shares of Comstock Resources in a research report on Friday, February 13th. Citigroup reaffirmed a "neutral" rating and set a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Mizuho upped their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a "neutral" rating in a report on Friday, December 12th. Finally, Morgan Stanley set a $19.00 target price on shares of Comstock Resources in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $21.00.

Comstock Resources Stock Up 4.1%

The company has a debt-to-equity ratio of 0.95, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market cap of $6.32 billion, a PE ratio of 15.23 and a beta of 0.40. The company has a fifty day moving average price of $21.02 and a 200 day moving average price of $21.00.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The business had revenue of $787.32 million for the quarter, compared to the consensus estimate of $504.66 million. During the same period last year, the firm posted $0.16 earnings per share. Comstock Resources's quarterly revenue was up 115.5% on a year-over-year basis. As a group, analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president owned 187,516 shares in the company, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new stake in Comstock Resources during the first quarter worth about $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Comstock Resources by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer's stock valued at $1,124,000 after purchasing an additional 2,697 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Comstock Resources by 67.4% during the 1st 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 buying an additional 437,476 shares in the last quarter. Intech Investment Management LLC lifted its position in Comstock Resources by 26.0% in 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 buying an additional 13,485 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Comstock Resources by 14.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 21,525 shares of the oil and gas producer's stock worth $596,000 after buying an additional 2,738 shares during the last quarter. Institutional investors own 36.13% of the company's stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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