Comstock Resources (NYSE:CRK) Stock Price Expected to Rise, Mizuho Analyst Says

Comstock Resources (NYSE:CRK) had its target price boosted by stock analysts at Mizuho from $19.00 to $20.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Mizuho’s target price suggests a potential upside of 26.22% from the stock’s previous close.

Several other equities research analysts have also issued reports on the company. Roth Capital reaffirmed a “neutral” rating on shares of Comstock Resources in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a research note on Monday, August 17th. Citigroup decreased their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, July 20th. The Goldman Sachs Group cut their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, June 30th. Finally, Morgan Stanley set a $15.00 target price on shares of Comstock Resources and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $15.00.

Comstock Resources Price Performance

NYSE CRK traded up $1.42 during trading on Tuesday, reaching $15.85. The company’s stock had a trading volume of 6,632,671 shares, compared to its average volume of 2,495,100. The firm has a fifty day moving average of $13.72 and a 200 day moving average of $16.01. Comstock Resources has a one year low of $12.12 and a one year high of $28.10. The stock has a market capitalization of $4.65 billion, a PE ratio of 8.90 and a beta of 0.13. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. During the same period in the prior year, the business earned $0.13 earnings per share. Comstock Resources’s revenue for the quarter was down 24.9% compared to the same quarter last year. Analysts expect that Comstock Resources will post 0.4 EPS for the current fiscal year.

Institutional Trading of Comstock Resources

Large investors have recently modified their holdings of the business. Rothschild Investment LLC increased its holdings in Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Comstock Resources in the 2nd quarter worth approximately $26,000. Advisory Services Network LLC purchased a new stake in Comstock Resources in the 3rd quarter worth approximately $27,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources in the 1st quarter worth approximately $29,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Comstock Resources in the 4th quarter worth approximately $29,000. 36.13% of the stock is owned by institutional investors.

More Comstock Resources News

Here are the key news stories impacting Comstock Resources this week:

• Positive Sentiment: Large cash payment could materially strengthen Comstock’s balance sheet. Under a letter of intent, SOCAR would pay $1.65 billion for non-operated interests in Comstock’s Legacy and Western Haynesville assets, plus a 15% interest in Pinnacle Gas Services. Comstock expects the transaction to reduce net debt from approximately $3.1 billion to $1.5 billion, potentially lowering financial leverage and interest costs. Comstock Announces $1.65 Billion Strategic Partnership With SOCAR
• Positive Sentiment: SOCAR partnership adds strategic and potential international marketing benefits. Comstock will retain operatorship and control of the upstream and midstream assets while gaining a major international energy partner. SOCAR is also expected to provide opportunities to market Comstock’s natural gas to global customers, including potential LNG markets. Comstock Resources Enters Into Letter of Intent to Sell Assets to Azerbaijan State Oil Company
• Positive Sentiment: A separate $450 million drilling venture should support production growth. A partnership backed by majority stockholder Jerry Jones will fund most drilling and completion costs for 27 Haynesville wells over the next 12 months. The arrangement is intended to accelerate development of Comstock’s Western Haynesville acreage while limiting near-term capital requirements and improving access to Pinnacle’s gathering system. Comstock Announces Partnership With SOCAR and Haynesville Drilling Venture
• Neutral Sentiment: The transactions remain subject to execution and approvals. The SOCAR announcement is currently a letter of intent, with definitive agreements targeted by October 31 and closing expected by year-end. Regulatory, third-party and negotiation risks could delay or prevent completion.
• Negative Sentiment: Comstock will surrender portions of its future asset economics. SOCAR will receive working interests in key Haynesville properties and a Pinnacle stake. Although Comstock retains operational control and some interests can revert after SOCAR achieves a specified return, the company will share future production, cash flow and upside from the assets.

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.