Comstock Resources (NYSE:CRK) Price Target Cut to $19.00 by Analysts at Morgan Stanley

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 price target cut by research analysts at Morgan Stanley from $21.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the oil and gas producer's stock. Morgan Stanley's target price points to a potential upside of 16.42% from the stock's previous close.

Several other analysts have also recently weighed in on the stock. Citigroup reiterated a "neutral" rating and issued a $27.00 price target (up previously 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 research report on Thursday, May 8th. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price for the company in a research report on Tuesday, June 17th. UBS Group cut their price target on Comstock Resources from $20.00 to $18.00 and set a "sell" rating for the company in a research note on Thursday, July 31st. Finally, Mizuho boosted their price objective on Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.18.

Comstock Resources Price Performance

NYSE CRK traded up $0.06 on Monday, reaching $16.32. 409,809 shares of the company's stock traded hands, compared to its average volume of 2,441,493. Comstock Resources has a 12 month low of $8.64 and a 12 month high of $31.17. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a 50-day simple moving average of $23.93 and a 200 day simple moving average of $21.22. The stock has a market cap of $4.78 billion, a PE ratio of -68.06 and a beta of 0.28.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the business earned ($0.20) earnings per share. The business's revenue was up 90.5% on a year-over-year basis. As a group, research analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CRK. Corigliano Investment Advisers LLC purchased a new position in shares of Comstock Resources during the fourth quarter valued at approximately $11,450,000. Invesco Ltd. increased its stake in Comstock Resources by 79.9% in the first quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares during the period. Goldman Sachs Group Inc. increased its stake in Comstock Resources by 67.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after purchasing an additional 437,476 shares during the period. Woodline Partners LP purchased a new stake in Comstock Resources in the first quarter worth $8,719,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Comstock Resources in the fourth quarter worth $6,349,000. Hedge funds and other institutional investors own 36.13% of the company's stock.

About Comstock Resources

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.