Morgan Stanley Has Lowered Expectations for Comstock Resources (NYSE:CRK) Stock Price

Key Points

• Morgan Stanley has decreased the price target for Comstock Resources from $21.00 to $19.00, while maintaining an "equal weight" rating for the stock.
• Several other firms have adjusted their ratings and price targets for Comstock, with Piper Sandler issuing a target of $12.00 and Mizuho raising their target to $24.00.
• Comstock Resources recently reported earnings of $0.13 per share, surpassing estimates, and showed a 90.5% year-over-year increase in revenue.

Comstock Resources (NYSE:CRK - Get Free Report) had its target price decreased by stock analysts at Morgan Stanley from $21.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas producer's stock. Morgan Stanley's target price suggests a potential upside of 16.88% from the stock's previous close.

Several other research firms have also recently weighed in on CRK. Piper Sandler restated an "underweight" rating and set a $12.00 price target (up from $6.00) on shares of Comstock Resources in a report on Tuesday, May 13th. UBS Group reduced their price objective on shares of Comstock Resources from $20.00 to $18.00 and set a "sell" rating on the stock in a research note on Thursday, July 31st. Citigroup restated a "neutral" rating and issued a $27.00 price objective (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Wall Street Zen raised Comstock Resources to a "sell" rating in a report on Thursday, May 8th. Finally, Mizuho upped their price target on Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $19.18.

Comstock Resources Price Performance

Shares of CRK traded up $0.18 during mid-day trading on Monday, reaching $16.26. The company had a trading volume of 208,261 shares, compared to its average volume of 2,433,757. The company's 50 day simple moving average is $23.64 and its 200 day simple moving average is $21.15. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of -67.83 and a beta of 0.28. Comstock Resources has a 1-year low of $9.09 and a 1-year high of $31.17. 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 posted its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.04. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The firm had revenue of $470.26 million for the quarter, compared to analysts' expectations of $431.82 million. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. The company's revenue was up 90.5% on a year-over-year basis. Analysts expect that Comstock Resources will post 0.54 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Illinois Municipal Retirement Fund boosted its stake in Comstock Resources by 1.2% during the first quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after acquiring an additional 550 shares in the last quarter. Bank of Montreal Can raised its holdings in Comstock Resources by 1.9% during the fourth quarter. Bank of Montreal Can now owns 40,983 shares of the oil and gas producer's stock worth $747,000 after buying an additional 772 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after buying an additional 1,017 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Comstock Resources during the second quarter worth about $29,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Comstock Resources by 11.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,599 shares of the oil and gas producer's stock worth $236,000 after acquiring an additional 1,145 shares during the last quarter. Institutional investors 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.