Comstock Resources (NYSE:CRK) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Comstock Resources from “sell” to “strong sell,” while Zacks Research also assigned a strong-sell rating. The broader analyst consensus is “Reduce,” with an average price target of $15.22.
• Comstock shares opened at $13.45, near the company’s 52-week low of $12.12 and well below its 52-week high of $28.10. The stock has a market capitalization of approximately $3.95 billion.
• The company slightly exceeded quarterly earnings expectations with EPS of $0.03 versus $0.02 expected, but revenue fell 24.9% year over year to $353.28 million, below analysts’ $419.22 million estimate.

Comstock Resources (NYSE:CRK - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Sunday.

A number of other research analysts have also commented on CRK. Zacks Research lowered Comstock Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Citigroup dropped their target price on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, July 20th. Roth Capital reiterated a "neutral" rating on shares of Comstock Resources in a research note on Thursday, July 30th. Finally, UBS Group restated a "sell" rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $15.22.

Comstock Resources Trading Up 1.8%

Shares of NYSE:CRK opened at $13.45 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48. The stock's 50-day moving average is $13.45 and its 200-day moving average is $17.01. The company has a market cap of $3.95 billion, a P/E ratio of 7.55 and a beta of 0.13. Comstock Resources has a 52-week low of $12.12 and a 52-week high of $28.10.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business had revenue of $353.28 million during the quarter, compared to analysts' expectations of $419.22 million. During the same quarter in the previous year, the firm earned $0.13 EPS. The firm's revenue was down 24.9% compared to the same quarter last year. Equities research analysts predict that Comstock Resources will post 0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new position in shares of Comstock Resources during the 1st quarter worth approximately $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Comstock Resources by 5.1% during the first 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 acquiring an additional 2,697 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 valued at $22,107,000 after acquiring an additional 437,476 shares during the period. Intech Investment Management LLC boosted its stake in shares of 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 valued at $1,328,000 after purchasing an additional 13,485 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at $93,000. 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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