Comstock Resources (NYSE:CRK) Hits New 12-Month Low – Here’s What Happened

Shares of Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week low on Monday . The stock traded as low as $12.79 and last traded at $12.8160, with a volume of 697933 shares. The stock had previously closed at $13.00.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRK. Williams Trading set a $16.00 price objective on shares of Comstock Resources in a report on Thursday, May 14th. Morgan Stanley decreased their price target on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, May 22nd. Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a report on Wednesday, April 15th. Mizuho decreased their price target on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $18.89.

Comstock Resources Price Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The business’s 50 day simple moving average is $16.38 and its 200-day simple moving average is $20.14. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 5.86 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The firm had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.02 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. Research analysts anticipate that Comstock Resources, Inc. will post 0.56 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its stake in Comstock Resources by 1,691.3% during the 1st quarter. NewEdge Advisors LLC now owns 71,920 shares of the oil and gas producer’s stock valued at $1,516,000 after purchasing an additional 67,905 shares during the period. Axiom Investment Management LLC acquired a new position in Comstock Resources during the 1st quarter valued at about $63,000. Liontrust Investment Partners LLP boosted its stake in Comstock Resources by 877.8% during the 1st quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock valued at $2,718,000 after purchasing an additional 115,752 shares during the period. Bank of America Corp DE boosted its stake in Comstock Resources by 5.5% during the 1st quarter. Bank of America Corp DE now owns 726,140 shares of the oil and gas producer’s stock valued at $15,307,000 after purchasing an additional 38,060 shares during the period. Finally, California State Teachers Retirement System boosted its stake in Comstock Resources by 30.5% during the 1st quarter. California State Teachers Retirement System now owns 104,655 shares of the oil and gas producer’s stock valued at $2,206,000 after purchasing an additional 24,486 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

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.