Brokers Set Expectations for Comstock Resources, Inc.'s Q3 2024 Earnings (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK - Free Report) - Capital One Financial decreased their Q3 2024 EPS estimates for shares of Comstock Resources in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will earn ($0.16) per share for the quarter, down from their previous estimate of ($0.03). The consensus estimate for Comstock Resources' current full-year earnings is ($0.33) per share. Capital One Financial also issued estimates for Comstock Resources' FY2024 earnings at ($0.36) EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.37 EPS and FY2026 earnings at $0.70 EPS.

Comstock Resources (NYSE:CRK - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. The company's revenue was down 14.4% on a year-over-year basis.

Other research analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a "sell" rating in a research report on Tuesday, May 28th. KeyCorp initiated coverage on Comstock Resources in a report on Thursday, June 27th. They set a "sector weight" rating for the company. Mizuho lowered their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an "underperform" rating on the stock in a research note on Monday. Piper Sandler cut shares of Comstock Resources from a "neutral" rating to an "underweight" rating and reduced their target price for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Finally, Wolfe Research started coverage on Comstock Resources in a report on Thursday, July 18th. They set a "peer perform" rating on the stock. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $9.58.

Comstock Resources Stock Performance

Comstock Resources stock traded up $0.03 during trading hours on Friday, reaching $10.16. 239,405 shares of the company were exchanged, compared to its average volume of 3,789,777. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 46.07 and a beta of 0.48. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a 50-day moving average of $10.11 and a 200 day moving average of $10.09.

Institutional Trading of Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRK. Blue Trust Inc. acquired a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $32,000. EverSource Wealth Advisors LLC raised its position in shares of Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer's stock valued at $34,000 after acquiring 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 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer's stock valued at $44,000 after purchasing an additional 3,869 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Comstock Resources by 2,161.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer's stock worth $46,000 after purchasing an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Comstock Resources during the first quarter worth $91,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm's stock in a transaction dated Wednesday, August 7th. The shares were bought at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the acquisition, the insider now owns 197,298,165 shares of the company's stock, valued at $1,740,169,815.30. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder Drilling L.P. Arkoma bought 573,453 shares of the stock in a transaction dated Friday, August 16th. The stock was bought at an average cost of $10.64 per share, with a total value of $6,101,539.92. Following the purchase, the insider now owns 203,450,946 shares of the company's stock, valued at $2,164,718,065.44. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Star Exploration Corp Blue bought 825,868 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares of the company's stock, valued at $1,740,169,815.30. The disclosure for this purchase can be found here. Insiders acquired 6,712,733 shares of company stock valued at $67,816,851 in the last three months. Corporate insiders own 1.50% of the company's stock.

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.