Q2 2023 Earnings Forecast for Comstock Resources, Inc. (NYSE:CRK) Issued By Capital One Financial

Comstock Resources, Inc. (NYSE:CRK – Get Rating) – Capital One Financial reduced their Q2 2023 earnings per share (EPS) estimates for shares of Comstock Resources in a research note issued on Sunday, May 21st. Capital One Financial analyst P. Johnston now anticipates that the oil and gas producer will post earnings of $0.03 per share for the quarter, down from their previous estimate of $0.17. The consensus estimate for Comstock Resources’ current full-year earnings is $0.98 per share. Capital One Financial also issued estimates for Comstock Resources’ Q4 2023 earnings at $0.37 EPS, FY2024 earnings at $1.60 EPS and FY2025 earnings at $2.47 EPS.

Several other research firms have also issued reports on CRK. Truist Financial decreased their target price on Comstock Resources from $12.00 to $9.00 and set a “hold” rating for the company in a research report on Tuesday, April 11th. Roth Capital reiterated a “neutral” rating on shares of Comstock Resources in a research report on Tuesday, February 14th. Stifel Nicolaus decreased their price objective on Comstock Resources from $15.00 to $14.00 in a research report on Monday. Piper Sandler decreased their price objective on Comstock Resources from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. Finally, Mizuho decreased their price objective on Comstock Resources from $18.00 to $17.00 in a research report on Friday, May 19th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Comstock Resources Price Performance

Comstock Resources stock opened at $10.08 on Wednesday. The firm has a market capitalization of $2.80 billion, a P/E ratio of 2.02 and a beta of 1.19. Comstock Resources has a 1 year low of $9.20 and a 1 year high of $22.11. The business has a 50-day moving average of $10.50 and a 200-day moving average of $12.81. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.91.

Comstock Resources (NYSE:CRK – Get Rating) last posted its earnings results on Tuesday, May 2nd. The oil and gas producer reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $489.58 million during the quarter, compared to analyst estimates of $433.84 million. Comstock Resources had a return on equity of 52.26% and a net margin of 39.08%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 EPS.

Comstock Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend is Wednesday, May 31st. Comstock Resources’s dividend payout ratio (DPR) is currently 10.00%.

Insiders Place Their Bets

In other news, CFO Roland O. Burns purchased 10,000 shares of Comstock Resources stock in a transaction on Thursday, March 23rd. The stock was purchased at an average price of $10.00 per share, with a total value of $100,000.00. Following the transaction, the chief financial officer now directly owns 950,430 shares in the company, valued at approximately $9,504,300. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Brian Christopher Claunch acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were bought at an average price of $10.08 per share, for a total transaction of $50,400.00. Following the purchase, the vice president now directly owns 36,764 shares in the company, valued at approximately $370,581.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Roland O. Burns acquired 10,000 shares of the company’s stock in a transaction dated Thursday, March 23rd. The shares were bought at an average price of $10.00 per share, for a total transaction of $100,000.00. Following the purchase, the chief financial officer now owns 950,430 shares in the company, valued at $9,504,300. The disclosure for this purchase can be found here. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. MetLife Investment Management LLC raised its stake in Comstock Resources by 3.3% in the 3rd quarter. MetLife Investment Management LLC now owns 47,805 shares of the oil and gas producer’s stock valued at $827,000 after acquiring an additional 1,531 shares during the period. LSV Asset Management raised its stake in Comstock Resources by 22.6% in the 3rd quarter. LSV Asset Management now owns 352,974 shares of the oil and gas producer’s stock valued at $6,103,000 after acquiring an additional 65,074 shares during the period. Cross Staff Investments Inc raised its stake in Comstock Resources by 6.8% in the 4th quarter. Cross Staff Investments Inc now owns 477,370 shares of the oil and gas producer’s stock valued at $6,545,000 after acquiring an additional 30,568 shares during the period. Clarus Group Inc. raised its stake in Comstock Resources by 19.5% in the 3rd quarter. Clarus Group Inc. now owns 123,113 shares of the oil and gas producer’s stock valued at $2,129,000 after acquiring an additional 20,082 shares during the period. Finally, Algert Global LLC raised its stake in Comstock Resources by 62.4% in the 3rd quarter. Algert Global LLC now owns 136,087 shares of the oil and gas producer’s stock valued at $2,353,000 after acquiring an additional 52,299 shares during the period. Institutional investors own 35.22% of the company’s stock.

About Comstock Resources

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Comstock Resources, Inc engages in the acquisition, development, and exploration of oil and natural gas. The firm operations concentrated in the Haynesville shale, a premier natural gas basin located in East Texas. The company was founded in 1919 and is headquartered in Frisco, TX.