Comstock Resources (NYSE:CRK) Reaches New 12-Month High After Analyst Upgrade

Comstock Resources, Inc. (NYSE:CRK)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $11.00 to $19.00. Truist Financial currently has a hold rating on the stock. Comstock Resources traded as high as $20.57 and last traded at $19.94, with a volume of 3053960 shares traded. The stock had previously closed at $19.88.

Other equities research analysts have also recently issued reports about the company. Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $10.00 to $18.00 in a report on Monday, December 16th. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday, October 15th. BMO Capital Markets raised their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Bank of America initiated coverage on shares of Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. Finally, Citigroup raised their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.30.

Insider Activity at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $16.33, for a total transaction of $163,300.00. Following the transaction, the director now directly owns 123,781 shares in the company, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 38,000 shares of company stock valued at $634,660. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. KGH Ltd increased its holdings in shares of Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after buying an additional 975,000 shares during the period. Dimensional Fund Advisors LP increased its stake in Comstock Resources by 26.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares during the period. American Century Companies Inc. lifted its position in Comstock Resources by 19.0% in the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after purchasing an additional 362,043 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Comstock Resources by 4.2% during 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 purchasing an additional 57,376 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after purchasing an additional 775,371 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Trading Up 4.4 %

The firm’s 50 day moving average is $15.94 and its 200 day moving average is $12.52. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $6.10 billion, a PE ratio of -115.94 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) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The firm had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. Comstock Resources’s revenue was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 EPS. As a group, equities analysts predict that Comstock Resources, Inc. will post -0.44 EPS for the current year.

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.