Comstock Resources (NYSE:CRK) Price Target Raised to $6.00

Comstock Resources (NYSE:CRK - Get Free Report) had its price target upped by equities research analysts at Piper Sandler from $5.00 to $6.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the oil and gas producer's stock. Piper Sandler's target price would suggest a potential downside of 68.55% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Bank of America initiated coverage on shares of Comstock Resources in a research report on Monday, October 28th. They issued a "buy" rating and a $14.00 price objective for the company. BMO Capital Markets lifted their price objective 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. Truist Financial upped their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, January 13th. Morgan Stanley initiated coverage on shares of Comstock Resources in a report on Friday, January 10th. They set an "equal weight" rating and a $18.00 price objective for the company. Finally, Mizuho raised Comstock Resources from an "underperform" rating to a "neutral" rating and increased their target price for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.40.

Comstock Resources Stock Up 0.2 %

NYSE CRK traded up $0.04 during trading hours on Wednesday, hitting $19.08. The company's stock had a trading volume of 1,734,709 shares, compared to its average volume of 2,769,906. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $22.06. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The company's 50-day simple moving average is $17.63 and its two-hundred day simple moving average is $13.35. The company has a market capitalization of $5.57 billion, a PE ratio of -105.97, a price-to-earnings-growth ratio of 2.53 and a beta of 0.51.

Comstock Resources (NYSE:CRK - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share 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 the consensus estimate of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The firm's revenue for the quarter was down 19.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 earnings per share. Research analysts anticipate that Comstock Resources will post -0.39 EPS for the current fiscal year.

Insider Activity

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.62, for a total value of $156,200.00. Following the completion of the sale, the director now directly owns 143,781 shares in the company, valued at approximately $2,245,859.22. This trade represents a 6.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 38,000 shares of company stock worth $634,660 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in shares of Comstock Resources during the 3rd quarter worth $25,000. Sunbelt Securities Inc. raised its stake in Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer's stock worth $27,000 after acquiring an additional 1,400 shares during the period. KBC Group NV lifted its holdings in Comstock Resources by 46.8% during the fourth quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer's stock valued at $118,000 after purchasing an additional 2,066 shares in the last quarter. Blue Trust Inc. raised its position in shares of Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer's stock valued at $70,000 after purchasing an additional 3,611 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Comstock Resources during the 2nd quarter valued at $107,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

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.