Comstock Resources, Inc. (CRK) - What Are Researchers Saying About This Stock?

Key Points

• Analyst sentiment is bearish: Fifteen research firms give Comstock Resources an average “Reduce” rating, including five sells and ten holds. The average 12-month price target is $15.00, modestly above the stock’s $13.78 opening price.
• Recent financial results were mixed: Comstock exceeded quarterly EPS expectations with $0.03 versus $0.02, but revenue of $353.28 million fell short of estimates and declined 24.9% year over year.
• Institutional ownership is significant: Institutional investors hold 36.13% of the company, with BlackRock and First Trust among investors that recently initiated or increased positions.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) has been assigned an average recommendation of "Reduce" from the fifteen research firms that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation and ten have issued a hold recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $15.00.

Several analysts have recently commented on CRK shares. Wall Street Zen cut shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 17th. UBS Group set a $14.00 price objective on shares of Comstock Resources and gave the stock a "sell" rating in a research report on Wednesday, September 9th. Weiss Ratings restated a "hold (c)" rating on shares of Comstock Resources in a research report on Monday, August 17th. Mizuho reduced their price objective on Comstock Resources from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, October 16th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $17.00 price objective (up from $13.00) on shares of Comstock Resources in a report on Wednesday, September 2nd.

Comstock Resources Stock Down 2.4%

Shares of NYSE:CRK opened at $13.78 on Thursday. Comstock Resources has a 12 month low of $12.12 and a 12 month high of $28.10. The company's 50-day moving average price is $13.93 and its two-hundred day moving average price is $14.34. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98. The firm has a market cap of $4.04 billion, a P/E ratio of 7.74 and a beta of 0.52.

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, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The firm had revenue of $353.28 million during the quarter, compared to analysts' expectations of $419.22 million. During the same quarter last year, the company posted $0.13 EPS. The company's quarterly revenue was down 24.9% compared to the same quarter last year. As a group, research analysts forecast that Comstock Resources will post 0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Comstock Resources in the second quarter valued at about $176,583,000. First Trust Advisors LP raised its holdings in Comstock Resources by 143.2% during the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer's stock worth $22,759,000 after purchasing an additional 635,781 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Comstock Resources during the 2nd quarter worth about $8,311,000. Bank of America Corp DE acquired a new position in Comstock Resources during the 2nd quarter valued at about $7,487,000. Finally, Old West Investment Management LLC acquired a new position in Comstock Resources during the 2nd quarter valued at about $4,104,000. 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, development, production and exploration of oil and natural gas properties. The company's operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock's core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.

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