Comstock Resources (NYSE:CRK) Reaches New 52-Week High – Here’s Why

Shares of Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $21.99 and last traded at $21.88, with a volume of 896180 shares traded. The stock had previously closed at $20.97.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CRK shares. Bank of America assumed coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. Citigroup raised their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. BMO Capital Markets increased 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 report on Friday, October 4th. Finally, Truist Financial boosted their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Four 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.30.

Comstock Resources Stock Down 3.2 %

The business has a 50 day moving average price of $17.05 and a 200 day moving average price of $13.03. The firm has a market capitalization of $6.01 billion, a P/E ratio of -114.14, a price-to-earnings-growth ratio of 2.53 and a beta of 0.51. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results 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 for 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 firm’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.04 earnings per share. On average, analysts predict that Comstock Resources, Inc. will post -0.39 earnings per share for the current year.

Insider Transactions at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the transaction, the director now directly owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds have recently modified their holdings of CRK. KGH Ltd boosted its holdings in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after acquiring an additional 975,000 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Comstock Resources by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after acquiring an additional 57,376 shares during the last quarter. Millennium Management LLC grew its holdings in Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after acquiring an additional 775,371 shares during the period. Marshall Wace LLP raised its position in shares of Comstock Resources by 20.7% during the 2nd quarter. Marshall Wace LLP now owns 873,918 shares of the oil and gas producer’s stock valued at $9,071,000 after acquiring an additional 149,760 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in shares of Comstock Resources by 79.2% in the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after purchasing an additional 304,780 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

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.