Zacks Research Downgrades Comstock Resources (NYSE:CRK) to Strong Sell

Comstock Resources (NYSE:CRK) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday, May 20th. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Roth Capital raised Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a report on Friday, July 10th. Finally, Mizuho cut their price objective on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $16.11.

Comstock Resources Trading Up 1.9%

CRK opened at $13.35 on Thursday. The stock has a market capitalization of $3.92 billion, a PE ratio of 6.09 and a beta of 0.10. The firm’s fifty day moving average price is $13.77 and its 200 day moving average price is $17.98. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. Comstock Resources has a 12-month low of $12.44 and a 12-month high of $28.10.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The company had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.01 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. As a group, research analysts expect that Comstock Resources will post 0.51 EPS for the current fiscal year.

Institutional Trading of Comstock Resources

Several institutional investors have recently added to or reduced their stakes in CRK. CreativeOne Wealth LLC lifted its stake in Comstock Resources by 3.7% in the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock worth $276,000 after acquiring an additional 500 shares in the last quarter. Natixis Advisors LLC boosted its position in Comstock Resources by 2.0% during the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock worth $689,000 after acquiring an additional 572 shares during the period. Carrera Capital Advisors grew its stake in Comstock Resources by 0.7% during the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock valued at $1,922,000 after acquiring an additional 606 shares in the last quarter. GAMMA Investing LLC grew its stake in Comstock Resources by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer’s stock valued at $146,000 after acquiring an additional 679 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Comstock Resources by 14.2% during the 4th quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer’s stock valued at $149,000 after acquiring an additional 802 shares in the last quarter. 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, 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.