Comstock Resources (NYSE:CRK) Reaches New 52-Week Low on Analyst Downgrade

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week low on Wednesday after Mizuho lowered their price target on the stock from $25.00 to $21.00. Mizuho currently has a neutral rating on the stock. Comstock Resources traded as low as $13.16 and last traded at $13.19, with a volume of 2674318 shares changing hands. The stock had previously closed at $13.94.

CRK has been the topic of a number of other research reports. Citigroup reissued a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Morgan Stanley cut their price objective on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, May 22nd. UBS Group reissued a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Wall Street Zen lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Finally, Williams Trading set a $16.00 price target on shares of Comstock Resources in a research note on Thursday, May 14th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and a consensus target price of $18.89.

Insider Buying and Selling

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares in the company, valued at $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

A number of large investors have recently added to or reduced their stakes in CRK. Rothschild Investment LLC lifted its stake in Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after acquiring an additional 1,007 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Comstock Resources in the third quarter valued at $27,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Comstock Resources in the first quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of Comstock Resources in the fourth quarter valued at $29,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Comstock Resources by 671.2% in the third quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 1,376 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Comstock Resources Stock Performance

The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 6.22 and a beta of 0.22. The company’s fifty day simple moving average is $17.35 and its 200 day simple moving average is $20.63. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.02 million. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Comstock Resources’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities research analysts expect that Comstock Resources, Inc. will post 0.64 earnings per share for the current year.

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.