Comstock Resources (NYSE:CRK) Sets New 52-Week High - Should You Buy?

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $19.93 and last traded at $19.55, with a volume of 379153 shares trading hands. The stock had previously closed at $18.79.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRK shares. Citigroup lifted their price objective on shares of Comstock Resources from $12.50 to $15.50 and gave the company a "neutral" rating in a research note on Friday, December 6th. 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 report on Friday, October 4th. Bank of America started 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. Mizuho raised Comstock Resources from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, Truist Financial upped their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a "hold" rating in a report on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $11.78.

Comstock Resources Price Performance

The stock has a 50-day moving average of $15.29 and a two-hundred day moving average of $12.28. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of -108.99 and a beta of 0.51. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $304.50 million for 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 quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. On average, analysts anticipate that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Buying and Selling

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the completion of the sale, the director now owns 123,781 shares in the company, valued at $2,021,343.73. This represents a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 38,000 shares of company stock valued at $634,660. Company insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds have recently modified their holdings of the stock. Natixis Advisors LLC increased its position in Comstock Resources by 37.2% in the 2nd quarter. Natixis Advisors LLC now owns 35,106 shares of the oil and gas producer's stock worth $364,000 after purchasing an additional 9,520 shares during the last quarter. CIBC Asset Management Inc acquired a new position in Comstock Resources in the second quarter worth approximately $116,000. Arizona State Retirement System raised its position in Comstock Resources by 6.9% during the second quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer's stock valued at $297,000 after acquiring an additional 1,848 shares in the last quarter. Choreo LLC bought a new position in shares of Comstock Resources during the 2nd quarter valued at $105,000. Finally, Texas Permanent School Fund Corp lifted its position in shares of Comstock Resources by 164.9% in the second quarter. Texas Permanent School Fund Corp now owns 211,626 shares of the oil and gas producer's stock worth $2,197,000 after buying an additional 131,733 shares during the last quarter. 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.