Comstock Resources (NYSE:CRK) Upgraded to Neutral at Roth Capital

Key Points

• Roth Capital upgraded Comstock Resources from “sell” to “neutral” and kept a $13 price target, which implies roughly flat to slightly downside from the prior close.
• The stock fell 5.0% to about $13.01 on Friday, near its 52-week low of $12.44 and well below its 200-day moving average of $18.36.
• Recent analyst sentiment remains cautious: several firms have issued sell-oriented ratings, and MarketBeat says the consensus view is “Reduce” with an average price target of $16.11.

Comstock Resources (NYSE:CRK - Get Free Report) was upgraded by equities research analysts at Roth Capital from a "sell" rating to a "neutral" rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm currently has a $13.00 price target on the oil and gas producer's stock. Roth Capital's price objective indicates a potential downside of 0.04% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. The Goldman Sachs Group reduced their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 9th. Morgan Stanley set a $16.00 price target on Comstock Resources and gave the stock an "equal weight" rating in a research report on Monday, June 29th. UBS Group reaffirmed a "sell" rating and set a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Finally, Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. Seven equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Comstock Resources currently has a consensus rating of "Reduce" and a consensus price target of $16.11.

Comstock Resources Stock Down 5.0%

CRK traded down $0.69 during trading hours on Friday, reaching $13.01. 1,587,993 shares of the stock traded hands, compared to its average volume of 2,523,993. Comstock Resources has a fifty-two week low of $12.44 and a fifty-two week high of $28.10. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 5.94 and a beta of 0.10. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The firm's fifty day simple moving average is $14.12 and its two-hundred day simple moving average is $18.36.

Comstock Resources (NYSE:CRK - Get Free Report) last released its 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). The business had revenue of $587.35 million for the quarter, compared to analysts' expectations of $554.01 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. As a group, analysts forecast that Comstock Resources will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the company. CreativeOne Wealth LLC lifted its holdings in shares of Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer's stock valued at $276,000 after purchasing an additional 500 shares in the last quarter. Natixis Advisors LLC raised its stake in Comstock Resources by 2.0% during the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer's stock worth $689,000 after acquiring an additional 572 shares during the period. Carrera Capital Advisors grew its position in shares of Comstock Resources by 0.7% during the fourth quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer's stock worth $1,922,000 after purchasing an additional 606 shares in the last quarter. GAMMA Investing LLC boosted 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 valued at $146,000 after buying an additional 679 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Comstock Resources by 14.2% in the fourth quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer's stock valued at $149,000 after purchasing an additional 802 shares in the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

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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