Mizuho Cuts Comstock Resources (NYSE:CRK) Price Target to $10.00

Comstock Resources (NYSE:CRK) had its price objective decreased by Mizuho from $11.00 to $10.00 in a research report released on Monday morning, Benzinga reports. Mizuho currently has an underperform rating on the oil and gas producer’s stock.

A number of other equities analysts have also commented on CRK. Piper Sandler cut shares of 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. Wolfe Research started coverage on Comstock Resources in a research report on Thursday, July 18th. They issued a peer perform rating for the company. KeyCorp assumed coverage on Comstock Resources in a research report on Thursday, June 27th. They set a sector weight rating on the stock. The Goldman Sachs Group raised their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a sell rating in a research report on Tuesday, May 28th. Finally, Truist Financial upped their target price on Comstock Resources from $8.00 to $9.00 and gave the company a hold rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $9.58.

Comstock Resources Trading Up 1.9 %

Shares of NYSE CRK opened at $10.14 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 46.07 and a beta of 0.48. The business has a fifty day simple moving average of $10.11 and a 200-day simple moving average of $10.09.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The firm had revenue of $246.80 million for the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The firm’s revenue was down 14.4% compared to the same quarter last year. Sell-side analysts predict that Comstock Resources will post -0.33 EPS for the current year.

Insider Activity

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the completion of the transaction, the insider now directly owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the purchase, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the transaction, the insider now directly owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. The disclosure for this purchase can be found here. Insiders bought a total of 6,712,733 shares of company stock worth $67,816,851 in the last three months. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Comstock Resources

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

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.