Comstock Resources, Inc. (NYSE:CRK) to Post Q2 2024 Earnings of ($0.02) Per Share, Capital One Financial Forecasts

Comstock Resources, Inc. (NYSE:CRK - Free Report) - Research analysts at Capital One Financial lowered their Q2 2024 earnings per share estimates for shares of Comstock Resources in a note issued to investors on Tuesday, May 14th. Capital One Financial analyst P. Johnston now expects that the oil and gas producer will earn ($0.02) per share for the quarter, down from their previous estimate of ($0.01). Capital One Financial currently has a "Equal Weight" rating on the stock. The consensus estimate for Comstock Resources' current full-year earnings is ($0.13) per share. Capital One Financial also issued estimates for Comstock Resources' Q3 2024 earnings at ($0.02) EPS, Q4 2024 earnings at $0.05 EPS and FY2024 earnings at ($0.02) EPS.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.05. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. The business had revenue of $335.77 million during the quarter, compared to analyst estimates of $343.97 million. The company's quarterly revenue was down 31.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS.

CRK has been the subject of a number of other reports. StockNews.com upgraded Comstock Resources to a "sell" rating in a research note on Monday, April 29th. Piper Sandler lowered their price target on shares of Comstock Resources from $9.00 to $8.00 and set an "overweight" rating on the stock in a report on Thursday, March 7th. Stifel Nicolaus decreased their target price on shares of Comstock Resources from $14.00 to $13.50 and set a "buy" rating for the company in a research report on Tuesday, April 23rd. The Goldman Sachs Group lifted their price target on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a "sell" rating in a report on Tuesday, April 2nd. Finally, Mizuho raised their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock an "underperform" rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $10.08.

Comstock Resources Stock Up 0.2 %

Comstock Resources stock traded up $0.02 during mid-day trading on Thursday, reaching $10.65. 2,159,065 shares of the company were exchanged, compared to its average volume of 4,340,531. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a market cap of $3.11 billion, a P/E ratio of 48.41 and a beta of 0.70. The business has a fifty day moving average of $9.40 and a 200 day moving average of $9.24. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. KGH Ltd raised its position in shares of Comstock Resources by 119.3% in the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer's stock worth $94,704,000 after acquiring an additional 4,670,959 shares during the period. Dimensional Fund Advisors LP boosted its position in Comstock Resources by 29.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer's stock worth $72,035,000 after purchasing an additional 1,833,302 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Comstock Resources in the first quarter valued at approximately $5,643,000. Readystate Asset Management LP increased its position in shares of Comstock Resources by 718.7% in the fourth quarter. Readystate Asset Management LP now owns 603,846 shares of the oil and gas producer's stock valued at $5,344,000 after buying an additional 530,090 shares in the last quarter. Finally, CastleKnight Management LP acquired a new position in shares of Comstock Resources during the 4th quarter worth approximately $3,167,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 12,500,000 shares of the firm's stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the transaction, the insider now directly owns 194,821,429 shares of the company's stock, valued at approximately $1,566,364,289.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% 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.