Comstock Resources (NYSE:CRK) Trading 4.1% Higher - Still a Buy?

Key Points

• Shares rose 4.1% to about $23.25 on Friday (intraday high $23.30) on light volume of ~378,000 shares (about 85% below average); the company has a market cap of $6.75 billion and a P/E of 16.29.
• Analysts are mixed but cautious: the consensus rating on Comstock is "Reduce" with an average price target of $21, based on 1 Buy, 6 Holds and 3 Sells and recent targets ranging roughly $17–$29.
• Comstock reported an EPS beat—$0.16 vs. $0.11 consensus—and revenue of $787.3M (up 115.5% year-over-year), while a VP sold 48,915 shares (~$1.04M); insiders now own about 2.2% of the stock.

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) were up 4.1% during trading on Friday . The company traded as high as $23.30 and last traded at $23.2470. Approximately 378,032 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 2,466,389 shares. The stock had previously closed at $22.33.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRK. UBS Group set a $17.00 target price on Comstock Resources in a report on Friday, February 13th. Bank of America cut Comstock Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from $27.00 to $24.00 in a report on Friday, January 16th. Mizuho lifted their price target on Comstock Resources from $21.00 to $29.00 and gave the stock a "neutral" rating in a report on Friday, December 12th. Citigroup reissued a "neutral" rating and issued a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. Finally, Morgan Stanley set a $19.00 price objective on shares of Comstock Resources in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Comstock Resources presently has an average rating of "Reduce" and a consensus price target of $21.00.

Comstock Resources Stock Up 2.9%

The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of 16.29 and a beta of 0.40. 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 business has a fifty day moving average of $21.02 and a 200 day moving average of $21.21.

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

Insider Transactions at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the business's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the sale, the vice president directly owned 187,516 shares in the company, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently made changes to their positions in the stock. CreativeOne Wealth LLC boosted its position in shares of Comstock Resources by 3.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer's stock worth $276,000 after purchasing an additional 500 shares during the period. Natixis Advisors LLC raised its position in Comstock Resources by 2.0% in the fourth quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer's stock valued at $689,000 after purchasing an additional 572 shares during the period. Carrera Capital Advisors raised its position in Comstock Resources by 0.7% in the fourth quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer's stock valued at $1,922,000 after purchasing an additional 606 shares during the period. Uhlmann Price Securities LLC lifted its stake in Comstock Resources by 2.4% during the third quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer's stock worth $548,000 after purchasing an additional 650 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Comstock Resources by 12.1% during the fourth quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer's stock worth $146,000 after purchasing an additional 679 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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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