Comstock Resources (NYSE:CRK) Trading 5.1% Higher – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) shot up 5.1% during mid-day trading on Tuesday . The stock traded as high as $15.50 and last traded at $15.49. 578,281 shares changed hands during trading, a decline of 83% from the average session volume of 3,392,527 shares. The stock had previously closed at $14.74.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho cut their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Truist Financial raised their target price on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. 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. Bank of America began coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target for the company. Finally, Citigroup upped their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.89.

Comstock Resources Stock Performance

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 stock’s 50 day moving average price is $13.05 and its two-hundred day moving average price is $11.43. The firm has a market capitalization of $4.45 billion, a PE ratio of -81.94 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company 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 firm’s revenue was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.04 earnings per share. On average, equities analysts expect that Comstock Resources, Inc. will post -0.44 earnings per share for the current year.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Comstock Resources by 26.3% during the second 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 last quarter. KGH Ltd grew its stake 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 valued at $125,858,000 after buying an additional 975,000 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares during the period. HITE Hedge Asset Management LLC purchased a new position in Comstock Resources in the 2nd quarter worth approximately $6,544,000. Finally, American Century Companies Inc. boosted its holdings in Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after acquiring an additional 362,043 shares during the period. Hedge funds and other institutional investors own 36.13% 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.