Comstock Resources (NYSE:CRK) Trading Down 3.3% - Time to Sell?

Key Points

• Comstock Resources' shares decreased by 3.3%, closing at $21.08, with trading volume down by 85% from the average.
• Analysts have revised their price targets for Comstock Resources, with Mizuho lowering their target from $27.00 to $22.00, while Wolfe Research set a target price of $34.00 after an upgrade.
• The company reported a 90.5% increase in revenue year-over-year, with earnings per share at $0.13, exceeding estimates by $0.04.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares dropped 3.3% on Wednesday . The stock traded as low as $21.00 and last traded at $21.08. Approximately 366,989 shares traded hands during trading, a decline of 85% from the average daily volume of 2,474,392 shares. The stock had previously closed at $21.81.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRK shares. Mizuho decreased their price objective on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating for the company in a research report on Monday, September 15th. Morgan Stanley decreased their price target on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Comstock Resources in a report on Wednesday. Wolfe Research upgraded shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price for the company in a research note on Tuesday, June 17th. Finally, Piper Sandler reduced their price objective on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $18.73.

Comstock Resources Trading Down 4.2%

The business has a fifty day moving average price of $17.12 and a 200 day moving average price of $20.65. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of -86.99 and a beta of 0.19. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. The company had revenue of $470.26 million during the quarter, compared to the consensus estimate of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. Comstock Resources's revenue for the quarter was up 90.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) earnings per share. As a group, equities analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in shares of Comstock Resources by 17.6% in the 1st quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock worth $138,000 after acquiring an additional 1,017 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in shares of Comstock Resources in the second quarter worth approximately $2,610,000. Fiduciary Alliance LLC purchased a new stake in Comstock Resources in the 2nd quarter worth approximately $515,000. Public Employees Retirement System of Ohio lifted its position in Comstock Resources by 2,433.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer's stock worth $1,495,000 after buying an additional 51,897 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Comstock Resources by 129.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock worth $42,000 after buying an additional 1,170 shares in the last quarter. Institutional investors and hedge funds own 36.13% of the company's stock.

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.

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