Weiss Ratings Reaffirms "Sell (D+)" Rating for Comstock Resources (NYSE:CRK)

Key Points

• Weiss Ratings has reaffirmed a "sell (D+)" rating for Comstock Resources (NYSE:CRK) amidst a backdrop of downgrades from several brokerages.
• Brokerages such as UBS Group and Zacks Research have reduced their target prices for Comstock Resources, with current ratings indicating two buy, four hold, and five sell ratings.
• Comstock Resources reported an EPS of $0.13 for its last quarterly earnings, exceeding expectations, while its revenue surged by 90.5% compared to the same quarter last year.

Comstock Resources (NYSE:CRK - Get Free Report)'s stock had its "sell (d+)" rating restated by analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

Several other brokerages have also recently issued reports on CRK. UBS Group decreased their target price on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a research report on Wednesday, August 20th. Zacks Research lowered Comstock Resources from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 14th. Morgan Stanley dropped their target price on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. Mizuho set a $21.00 price target on Comstock Resources and gave the company a "neutral" rating in a report on Thursday, October 16th. Finally, Roth Capital lowered shares of Comstock Resources from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $18.00 to $12.00 in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $19.50.

Comstock Resources Price Performance

Shares of NYSE:CRK traded down $0.03 during midday trading on Friday, reaching $17.85. 1,407,454 shares of the company were exchanged, compared to its average volume of 2,825,262. The stock has a market cap of $5.23 billion, a PE ratio of -74.35 and a beta of 0.19. The business's fifty day moving average is $17.65 and its two-hundred day moving average is $20.55. Comstock Resources has a one year low of $11.05 and a one year high of $31.17. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. The business had revenue of $470.26 million for the quarter, compared to analysts' expectations of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The business's quarterly revenue was up 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.20) EPS. As a group, analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors have recently modified their holdings of CRK. GAMMA Investing LLC raised its stake in shares of Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after acquiring an additional 1,017 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Comstock Resources during the 2nd quarter valued at $2,610,000. Fiduciary Alliance LLC bought a new stake in Comstock Resources during the 2nd quarter valued at $515,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Comstock Resources by 2,433.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer's stock worth $1,495,000 after buying an additional 51,897 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in shares of Comstock Resources by 1.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after buying an additional 550 shares in the last quarter. 36.13% of the stock is owned by hedge funds and other 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.

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