Comstock Resources (NYSE:CRK) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Comstock Resources (NYSE:CRK) from a hold rating to a sell rating in a research report sent to investors on Saturday.

A number of other brokerages have also issued reports on CRK. Morgan Stanley set a $19.00 target price on shares of Comstock Resources in a research report on Friday, February 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. Citigroup reiterated a “neutral” rating and issued a $25.00 price target (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $27.00 to $24.00 in a research report on Friday, January 16th. Finally, Mizuho raised their price objective on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $21.00.

Comstock Resources Stock Up 4.7%

CRK opened at $23.38 on Friday. Comstock Resources has a fifty-two week low of $14.65 and a fifty-two week high of $31.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market capitalization of $6.88 billion, a P/E ratio of 16.58 and a beta of 0.40. The stock has a fifty day moving average of $21.06 and a 200-day moving average of $21.30.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. Comstock Resources’s quarterly revenue was up 115.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, equities analysts expect that Comstock Resources will post 0.54 EPS for the current year.

Insider Buying and Selling

In other news, VP Patrick Mcgough sold 48,915 shares of Comstock Resources stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRK. Redwood Family Wealth LLC bought a new stake in Comstock Resources during the 4th quarter worth approximately $232,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Comstock Resources during the fourth quarter valued at $36,000. Invesco Ltd. raised its stake in shares of Comstock Resources by 4.2% during the fourth quarter. Invesco Ltd. now owns 969,961 shares of the oil and gas producer’s stock valued at $22,484,000 after acquiring an additional 39,409 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Comstock Resources by 17.2% during the fourth quarter. Empowered Funds LLC now owns 108,103 shares of the oil and gas producer’s stock worth $2,506,000 after purchasing an additional 15,852 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Comstock Resources during the fourth quarter worth $870,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

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.