Comstock Resources (NYSE:CRK) Trading Down 15.8% – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price dropped 15.8% during trading on Friday . The stock traded as low as $17.67 and last traded at $17.29. Approximately 400,287 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,715,259 shares. The stock had previously closed at $20.54.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRK. Williams Trading set a $13.00 price target on shares of Comstock Resources in a report on Wednesday, March 5th. Piper Sandler raised their target price on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, January 29th. Truist Financial lifted their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Morgan Stanley reiterated a “cautious” rating and set a $22.00 price objective (up previously from $21.00) on shares of Comstock Resources in a research report on Wednesday, March 26th. Finally, StockNews.com upgraded Comstock Resources to a “sell” rating in a report on Friday. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.73.

Comstock Resources Stock Performance

The stock has a market capitalization of $5.02 billion, a PE ratio of -22.55, a P/E/G ratio of 1.65 and a beta of 0.55. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.60 and a current ratio of 0.46. The firm has a 50 day moving average of $18.90 and a 200-day moving average of $16.20.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The business had revenue of $366.51 million during the quarter, compared to analyst estimates of $370.62 million. Research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in shares of Comstock Resources by 9.0% during the third quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after acquiring an additional 13,998 shares in the last quarter. Barclays PLC increased its position in Comstock Resources by 256.3% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. increased its position in Comstock Resources by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after purchasing an additional 57,376 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Comstock Resources during the 3rd quarter worth about $169,000. Finally, Weiss Asset Management LP acquired a new stake in shares of Comstock Resources during the 3rd quarter valued at about $1,263,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

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.