Comstock Resources (NYSE:CRK) Stock Falls 4.7% - Here's What Happened

Key Points

• Comstock Resources shares fell 4.7% to about $13.17, with trading volume 81% below the average daily level.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $15.75 price target, with 10 analysts rating it Hold and four rating it Sell.
• The company narrowly beat quarterly EPS expectations, but revenue fell 24.9% year over year to $353.28 million, below analyst estimates of $419.22 million.

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) dropped 4.7% during trading on Friday. The company traded as low as $13.16 and last traded at $13.1650. 489,927 shares changed hands during trading, a decline of 81% from the average daily volume of 2,532,628 shares. The stock had previously closed at $13.82.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Morgan Stanley set a $15.00 price target on shares of Comstock Resources and gave the company an "equal weight" rating in a report on Wednesday, August 19th. Wall Street Zen lowered shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 29th. Citigroup decreased their target price on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, July 20th. The Goldman Sachs Group boosted their price target on Comstock Resources from $9.00 to $15.00 and gave the company a "sell" rating in a research note on Wednesday, September 2nd. Finally, UBS Group set a $14.00 price objective on Comstock Resources and gave the stock a "sell" rating in a research report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Comstock Resources currently has a consensus rating of "Reduce" and a consensus price target of $15.75.

Comstock Resources Stock Down 5.2%

The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. The business's fifty day moving average price is $13.89 and its 200 day moving average price is $15.35. The company has a market capitalization of $3.85 billion, a P/E ratio of 7.37 and a beta of 0.14.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. The business had revenue of $353.28 million for 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 firm's revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. As a group, equities research analysts predict that Comstock Resources, Inc. will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its stake in Comstock Resources by 44.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 26,880 shares of the oil and gas producer's stock valued at $401,000 after buying an additional 8,315 shares in the last quarter. State Street Corp increased its holdings in Comstock Resources by 2.7% during the 2nd quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer's stock valued at $79,622,000 after purchasing an additional 141,295 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Comstock Resources in the second quarter valued at about $264,000. Integrated Wealth Concepts LLC bought a new position in shares of Comstock Resources in the second quarter worth about $68,000. Finally, Wedmont Private Capital acquired a new stake in shares of Comstock Resources in the second quarter valued at approximately $264,000. Institutional investors own 36.13% of the company's stock.

About Comstock Resources

Comstock Resources, Inc is an independent exploration and production company focused on finding, developing, acquiring and producing oil and natural gas in the United States. Its operations are primarily centered on natural gas and natural gas liquids, with production sold to commercial customers, utilities, marketers and other participants in energy markets.

The company's principal assets are located in the Haynesville and Bossier shale plays in North Louisiana and East Texas, one of the largest natural gas-producing regions in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.