Comstock Resources (NYSE:CRK) Hits New 12-Month High – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $15.84 and last traded at $15.71, with a volume of 97460 shares traded. The stock had previously closed at $15.22.

Wall Street Analyst Weigh In

Several research analysts recently commented on CRK shares. Citigroup increased their price objective on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Truist Financial increased their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Mizuho lowered their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Finally, Bank of America initiated coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.89.

Comstock Resources Trading Up 6.0 %

The stock has a market cap of $4.71 billion, a PE ratio of -84.55 and a beta of 0.57. The company’s 50-day moving average price is $13.14 and its 200 day moving average price is $11.46. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60.

Comstock Resources (NYSE:CRK) last posted 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). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same quarter in the prior year, the firm earned $0.04 EPS. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, sell-side analysts forecast that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal year.

Institutional Trading of Comstock Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Doliver Advisors LP lifted its stake in Comstock Resources by 3.9% during the third quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after purchasing an additional 988 shares in the last quarter. XTX Topco Ltd lifted its stake in Comstock Resources by 4.8% during the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock worth $299,000 after acquiring an additional 1,330 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings 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 valued at $27,000 after acquiring an additional 1,400 shares during the period. The Manufacturers Life Insurance Company grew its position in Comstock Resources by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after acquiring an additional 1,656 shares in the last quarter. Finally, Arizona State Retirement System increased its stake 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 worth $297,000 after purchasing an additional 1,848 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.

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.