Comstock Resources (NYSE:CRK) Shares Up 6% - Time to Buy?

Key Points

• Comstock Resources shares rose 6% to about $15.03, although trading volume was roughly 84% below the average session volume.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and four rate it Sell, producing a consensus “Reduce” rating and an average price target of $14.89.
• The company slightly beat quarterly EPS expectations at $0.03 versus $0.02, but revenue of $353.3 million fell short of estimates and declined 24.9% year over year.

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) traded up 6% during trading on Wednesday . The stock traded as high as $15.08 and last traded at $15.0260. Approximately 397,371 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,470,679 shares. The stock had previously closed at $14.17.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup cut their price objective on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a research report on Monday, July 20th. Roth Capital reiterated a "neutral" rating on shares of Comstock Resources in a research report on Thursday, July 30th. UBS Group reissued a "sell" rating and set a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Wall Street Zen upgraded Comstock Resources from a "strong sell" rating to a "sell" rating in a report on Monday, August 17th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Comstock Resources in a research note on Monday, August 17th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $14.89.

Comstock Resources Trading Up 3.3%

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 stock's 50 day moving average is $13.62 and its 200-day moving average is $16.20. The company has a market cap of $4.30 billion, a PE ratio of 8.24 and a beta of 0.13.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. The business had revenue of $353.28 million during the quarter, compared to analysts' expectations of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business's revenue was down 24.9% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post 0.4 EPS for the current year.

Institutional Investors Weigh In On Comstock Resources

Large investors have recently added to or reduced their stakes in the stock. CreativeOne Wealth LLC raised its holdings in shares of Comstock Resources by 3.7% in the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer's stock worth $276,000 after buying an additional 500 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of Comstock Resources by 2.0% during the fourth quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer's stock valued at $689,000 after buying an additional 572 shares during the last quarter. Carrera Capital Advisors grew its holdings in shares of Comstock Resources by 0.7% during the fourth quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer's stock valued at $1,922,000 after buying an additional 606 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Comstock Resources by 14.2% in the 4th quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer's stock valued at $149,000 after acquiring an additional 802 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in Comstock Resources by 27.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,942 shares of the oil and gas producer's stock worth $94,000 after acquiring an additional 857 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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