Comstock Resources (NYSE:CRK) Shares Gap Up – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $19.61, but opened at $20.80. Comstock Resources shares last traded at $20.19, with a volume of 497,389 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Citigroup reiterated a “neutral” rating and issued a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. Mizuho raised their price objective on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. UBS Group set a $17.00 target price on shares of Comstock Resources in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $20.11.

Comstock Resources Stock Up 2.0%

The business’s fifty day moving average is $21.60 and its two-hundred day moving average is $20.65. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 14.64 and a beta of 0.40. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The company had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 115.5% compared to the same quarter last year. Equities analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently made changes to their positions in CRK. Legacy Investment Solutions LLC acquired a new stake in Comstock Resources in the second quarter valued at approximately $29,000. Rothschild Investment LLC increased its position in shares of Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Comstock Resources in the 2nd quarter valued at approximately $34,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Comstock Resources in the 4th quarter valued at $29,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Comstock Resources during the 3rd quarter worth $27,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

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.