Comstock Resources (NYSE:CRK) Price Target Raised to $9.00

Comstock Resources (NYSE:CRK - Free Report) had its price target raised by The Goldman Sachs Group from $8.00 to $9.00 in a research report sent to investors on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the oil and gas producer's stock.

Several other brokerages have also recently weighed in on CRK. Johnson Rice cut shares of Comstock Resources from an accumulate rating to a hold rating in a research note on Thursday, December 14th. Pickering Energy Partners upgraded shares of Comstock Resources from an underperform rating to a neutral rating in a research note on Tuesday, January 9th. StockNews.com upgraded shares of Comstock Resources to a sell rating in a research note on Monday, March 18th. Piper Sandler dropped their price target on shares of Comstock Resources from $9.00 to $8.00 and set an overweight rating on the stock in a research note on Thursday, March 7th. Finally, Mizuho dropped their price target on shares of Comstock Resources from $10.00 to $9.00 and set an underperform rating on the stock in a research note on Friday, March 15th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Comstock Resources has an average rating of Hold and an average price target of $10.00.

Comstock Resources Stock Performance

CRK stock traded down $0.21 on Tuesday, hitting $9.12. The company had a trading volume of 3,669,827 shares, compared to its average volume of 4,900,294. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.11. The stock's 50-day simple moving average is $8.16 and its 200 day simple moving average is $9.60. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 11.99 and a beta of 0.70.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The company had revenue of $410.58 million during the quarter, compared to analysts' expectations of $401.97 million. During the same quarter in the prior year, the business posted $1.05 EPS. The company's revenue for the quarter was down 55.5% compared to the same quarter last year. As a group, equities research analysts expect that Comstock Resources will post 0.46 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Star Exploration Corp Blue acquired 12,500,000 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of $8.04 per share, for a total transaction of $100,500,000.00. Following the transaction, the insider now directly owns 194,821,429 shares of the company's stock, valued at $1,566,364,289.16. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.50% of the company's stock.

Institutional Trading of Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Comstock Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer's stock valued at $95,838,000 after acquiring an additional 34,231 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Comstock Resources by 17.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,466,851 shares of the oil and gas producer's stock valued at $12,982,000 after acquiring an additional 222,803 shares during the last quarter. Virtu Financial LLC increased its holdings in Comstock Resources by 537.8% in the 4th quarter. Virtu Financial LLC now owns 64,197 shares of the oil and gas producer's stock valued at $568,000 after acquiring an additional 54,132 shares during the last quarter. Readystate Asset Management LP increased its holdings in Comstock Resources by 718.7% in the 4th quarter. Readystate Asset Management LP now owns 603,846 shares of the oil and gas producer's stock valued at $5,344,000 after acquiring an additional 530,090 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Comstock Resources by 4.1% in the 4th quarter. Barclays PLC now owns 339,960 shares of the oil and gas producer's stock worth $3,009,000 after buying an additional 13,474 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

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.