Comstock Resources (NYSE:CRK) Stock Price Up 6.1% - Time to Buy?

Key Points

• Comstock Resources shares rose 6.1% in midday trading, reaching as high as $14.00 after closing at $13.28 the previous day. Trading volume was below average, with 1.71 million shares changing hands versus a typical 2.53 million.
• Wall Street sentiment remains cautious, with six analysts rating the stock a Hold and four issuing Sell ratings. The average price target is $15.22, while recent target changes ranged from $10 to $21.
• Recent earnings were mixed: the company missed EPS estimates at $0.15 versus $0.23 expected, but revenue came in above forecasts at $587.35 million and rose 14.5% year over year. Analysts still expect full-year EPS of 0.5.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares rose 6.1% during mid-day trading on Wednesday . The stock traded as high as $14.00 and last traded at $14.09. 1,712,250 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 2,528,516 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

CRK has been the subject of a number of recent research reports. Williams Trading set a $16.00 price target on shares of Comstock Resources in a research note on Thursday, May 14th. Roth Capital upgraded shares of Comstock Resources from a "sell" rating to a "neutral" rating and set a $13.00 target price for the company in a research note on Friday, July 10th. Mizuho dropped their target price on Comstock Resources from $25.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group decreased their price target on Comstock Resources from $13.00 to $10.00 and set a "sell" rating for the company in a report on Tuesday, June 30th. Finally, Zacks Research cut Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 16th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $15.22.

Comstock Resources Stock Performance

The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The firm's fifty day moving average price is $13.69 and its 200-day moving average price is $17.79. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 6.43 and a beta of 0.10.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.01 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. Comstock Resources's revenue was up 14.5% compared to the same quarter last year. Analysts expect that Comstock Resources, Inc. will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRK. Rothschild Investment LLC lifted its stake in Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer's stock valued at $26,000 after buying an additional 1,007 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Comstock Resources during the third quarter worth approximately $27,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Comstock Resources during the first quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of Comstock Resources in the 4th quarter valued at $29,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer's stock valued at $33,000 after acquiring an additional 1,290 shares during the period. Hedge funds and other institutional investors own 36.13% of the company's stock.

Comstock Resources Company Profile

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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