Comstock Resources (NYSE:CRK) Hits New 52-Week High After Analyst Upgrade

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) hit 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 trading hands. The stock had previously closed at $19.88.

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

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 8,000 shares of the business's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.17, for a total transaction of $145,360.00. Following the sale, the director now owns 99,632 shares in the company, valued at $1,810,313.44. The trade was a 7.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 38,000 shares of company stock worth $634,660 in the last ninety days. 2.00% of the stock is owned by insiders.

Institutional Trading of Comstock Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP increased its holdings in shares of Comstock Resources by 79.2% during the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer's stock valued at $7,677,000 after acquiring an additional 304,780 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Comstock Resources by 4.2% during the 3rd 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 buying an additional 57,376 shares in the last quarter. Intech Investment Management LLC bought a new position in Comstock Resources in the 3rd quarter worth about $419,000. Barclays PLC boosted its holdings in Comstock Resources by 256.3% in the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer's stock valued at $1,731,000 after purchasing an additional 111,934 shares during the period. Finally, Goehring & Rozencwajg Associates LLC increased its position in shares of Comstock Resources by 27.8% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer's stock worth $7,095,000 after purchasing an additional 148,700 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company's stock.

Comstock Resources Stock Up 4.4 %

The firm has a market cap of $6.10 billion, a PE ratio of -115.94 and a beta of 0.51. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a 50-day simple moving average of $15.94 and a two-hundred day simple moving average of $12.52.

Comstock Resources (NYSE:CRK - Get Free Report) last released its 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 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%. The company's revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 EPS. Analysts expect that Comstock Resources, Inc. will post -0.44 earnings per share 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.