Comstock Resources (NYSE:CRK) Stock Rating Upgraded by Wall Street Zen

Comstock Resources (NYSE:CRK) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently weighed in on the stock. UBS Group set a $14.00 target price on shares of Comstock Resources and gave the company a “sell” rating in a research note on Wednesday, September 9th. The Goldman Sachs Group increased their price target on Comstock Resources from $9.00 to $15.00 and gave the stock a “sell” rating in a research note on Wednesday, September 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a report on Monday, August 17th. Jefferies Financial Group initiated coverage on Comstock Resources in a research report on Friday, September 25th. They issued a “hold” rating and a $14.00 price objective on the stock. Finally, Roth Capital restated a “neutral” rating and issued a $14.00 price objective on shares of Comstock Resources in a research report on Tuesday, September 1st. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $15.75.

Comstock Resources Price Performance

NYSE CRK opened at $12.80 on Friday. Comstock Resources has a 12 month low of $12.12 and a 12 month high of $28.10. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 7.19 and a beta of 0.52. The company’s 50 day moving average is $13.80 and its two-hundred day moving average is $15.03. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company’s revenue was down 24.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. As a group, research analysts anticipate that Comstock Resources will post 0.26 earnings per share for the current year.

Institutional Trading of Comstock Resources

Several institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of Comstock Resources by 44.8% during the second quarter. Envestnet Asset Management Inc. now owns 26,880 shares of the oil and gas producer’s stock valued at $401,000 after buying an additional 8,315 shares during the period. State Street Corp grew its stake in shares of Comstock Resources by 2.7% during the second quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer’s stock valued at $79,622,000 after buying an additional 141,295 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Comstock Resources in the second quarter worth approximately $264,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Comstock Resources in the second quarter worth approximately $68,000. Finally, Wedmont Private Capital bought a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $264,000. Institutional investors own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.