Comstock Resources (NYSE:CRK) Reaches New 1-Year High – Here’s Why

Shares of Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week high on Wednesday . The company traded as high as $19.93 and last traded at $19.55, with a volume of 379153 shares. The stock had previously closed at $18.79.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Morgan Stanley started coverage on shares of Comstock Resources in a report on Friday. They issued an “equal weight” rating and a $18.00 target price for the company. Truist Financial boosted their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Citigroup raised their price objective on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Bank of America started coverage on Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.40.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The company has a 50 day moving average price of $15.60 and a 200 day moving average price of $12.38. The company has a market capitalization of $5.73 billion, a PE ratio of -108.99 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The business’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. Equities analysts forecast that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.17, for a total transaction of $145,360.00. Following the sale, the director now owns 99,632 shares of the company’s stock, valued at $1,810,313.44. The trade was a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 38,000 shares of company stock worth $634,660 in the last three months. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in shares of Comstock Resources during the fourth quarter valued at $214,000. JPMorgan Chase & Co. lifted its position in shares of Comstock Resources by 9.0% in the third quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after purchasing an additional 13,998 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Comstock Resources during the third quarter worth approximately $169,000. Barclays PLC boosted its holdings in shares of Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after purchasing an additional 111,934 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 1,400 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.