Comstock Resources (NYSE:CRK) Posts Earnings Results, Beats Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) posted its quarterly earnings data on Wednesday. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01, FiscalAI reports. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million.

Comstock Resources Price Performance

Shares of Comstock Resources stock traded up $0.26 on Wednesday, reaching $12.64. 3,131,206 shares of the stock were exchanged, compared to its average volume of 2,536,766. The firm has a market cap of $3.71 billion, a PE ratio of 5.77 and a beta of 0.10. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. Comstock Resources has a one year low of $12.22 and a one year high of $28.10. The firm’s 50 day moving average is $13.54 and its 200-day moving average is $17.45.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. UBS Group restated a “sell” rating and set a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Morgan Stanley set a $16.00 price target on Comstock Resources and gave the stock an “equal weight” rating in a research note on Monday, June 29th. The Goldman Sachs Group lowered their price target on Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, June 30th. 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, Weiss Ratings reiterated a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $15.22.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in Comstock Resources by 344.5% during the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after buying an additional 1,436,746 shares in the last quarter. Man Group plc increased its holdings in shares of Comstock Resources by 1,752.8% in the third quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after purchasing an additional 567,810 shares during the period. Marshall Wace LLP purchased a new stake in Comstock Resources in the third quarter valued at approximately $8,961,000. Goldman Sachs Group Inc. lifted its stake in Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in Comstock Resources by 50.5% in the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock worth $24,429,000 after purchasing an additional 413,611 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

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.