Comstock Resources (NYSE:CRK) Now Covered by Morgan Stanley

Morgan Stanley started coverage on shares of Comstock Resources (NYSE:CRK) in a report published on Friday morning, MarketBeat reports. The brokerage issued an equal weight rating and a $18.00 price objective on the oil and gas producer’s stock.

Other analysts have also recently issued reports about the company. Truist Financial increased their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. Citigroup upped their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $10.00 to $18.00 in a research report on Monday, December 16th. BMO Capital Markets upped their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Finally, Bank of America began coverage on Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price target on the stock. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.40.

Comstock Resources Trading Up 1.4 %

Shares of NYSE CRK opened at $19.90 on Friday. 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’s 50 day moving average price is $15.60 and its two-hundred day moving average price is $12.38. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $20.08. The stock has a market capitalization of $5.82 billion, a P/E ratio of -110.55 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results 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 firm had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business’s revenue was down 19.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. On average, analysts anticipate that Comstock Resources will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the sale, the director now directly owns 123,781 shares of the company’s stock, valued at $2,021,343.73. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 38,000 shares of company stock worth $634,660. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC boosted its holdings in shares of Comstock Resources by 37.2% in the second quarter. Natixis Advisors LLC now owns 35,106 shares of the oil and gas producer’s stock worth $364,000 after buying an additional 9,520 shares during the period. Arizona State Retirement System raised its stake in Comstock Resources by 6.9% during the 2nd quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock valued at $297,000 after purchasing an additional 1,848 shares during the period. Choreo LLC purchased a new stake in shares of Comstock Resources in the second quarter valued at $105,000. Texas Permanent School Fund Corp boosted its position in shares of Comstock Resources by 164.9% in the second quarter. Texas Permanent School Fund Corp now owns 211,626 shares of the oil and gas producer’s stock worth $2,197,000 after buying an additional 131,733 shares during the period. Finally, American Century Companies Inc. raised its position in Comstock Resources by 19.0% during the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after buying an additional 362,043 shares during the period. Institutional investors and hedge funds 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.