Zacks Investment Research downgraded shares of Comstock Resources, Inc. (NYSE:CRK) from a hold rating to a sell rating in a research report released on Thursday.

According to Zacks, “We are concerned over Comstock Resources’ declining production levels. The company is facing several operational issues, which could dampen volumes further if they persist. The weak commodity prices also add to the concerns. Comstock’s gas-dominated reserves/production profile and its geographically concentrated asset base increases the risk level. The rise in net debt/reduction of liquidity associated with the Delaware Basin acquisition further weighs on the valuation. Taking these factors into consideration, we are recalibrating our investment thesis on Comstock Resources to a Sell.”

Shares of Comstock Resources (NYSE:CRK) opened at 7.36 on Thursday. The stock has a 50 day moving average of $6.98 and a 200-day moving average of $8.69. The firm’s market capitalization is $113.14 million. Comstock Resources has a 12-month low of $2.64 and a 12-month high of $13.42.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Monday, May 8th. The oil and gas producer reported ($1.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.86) by $0.11. The business had revenue of $53.80 million for the quarter, compared to the consensus estimate of $57.96 million. During the same quarter in the previous year, the company posted ($1.14) earnings per share. On average, equities research analysts predict that Comstock Resources will post ($5.49) EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. Parkwood LLC raised its position in shares of Comstock Resources by 59.9% in the second quarter. Parkwood LLC now owns 126,347 shares of the oil and gas producer’s stock worth $893,000 after buying an additional 47,326 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Comstock Resources by 7.5% in the second quarter. Russell Investments Group Ltd. now owns 48,105 shares of the oil and gas producer’s stock worth $340,000 after buying an additional 3,345 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of Comstock Resources during the first quarter worth $1,536,000. Paloma Partners Management Co purchased a new position in shares of Comstock Resources during the first quarter worth $998,000. Finally, Segantii Capital Management Ltd purchased a new position in shares of Comstock Resources during the first quarter worth $148,000. 50.21% of the stock is currently owned by institutional investors.

Comstock Resources Company Profile

Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.

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Analyst Recommendations for Comstock Resources (NYSE:CRK)

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