Comstock Resources (NYSE:CRK) Downgraded by Siebert Williams Shank

Comstock Resources (NYSE:CRK) was downgraded by investment analysts at Siebert Williams Shank from a “hold” rating to a “sell” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $9.00 price objective on the oil and gas producer’s stock. Siebert Williams Shank’s target price would indicate a potential downside of 22.28% from the company’s previous close.

CRK has been the topic of several other research reports. Wolfe Research began coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. KeyCorp began coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating on the stock. Mizuho reduced their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, BMO Capital Markets boosted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Comstock Resources currently has an average rating of “Hold” and a consensus price target of $9.79.

Comstock Resources Stock Performance

Shares of NYSE:CRK opened at $11.58 on Tuesday. The business has a fifty day moving average of $10.69 and a 200-day moving average of $10.49. The firm has a market cap of $3.38 billion, a PE ratio of 52.64 and a beta of 0.47. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $13.39.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. The firm’s revenue was down 14.4% compared to the same quarter last year. On average, equities research analysts predict that Comstock Resources will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was bought at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the acquisition, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the business’s stock in a transaction on Monday, August 26th. The shares were purchased at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the purchase, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the acquisition, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 6,712,733 shares of company stock worth $67,816,851. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. bought a new position in Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC grew its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 3,446 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Comstock Resources by 428.9% in the first quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after acquiring an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Comstock Resources by 2,161.0% during the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 4,711 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Comstock Resources during the first quarter valued at approximately $91,000. 36.13% of the stock is owned by 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.