Comstock Resources (NYSE:CRK) Reaches New 1-Year High After Analyst Upgrade

Comstock Resources, Inc. (NYSE:CRK)’s share price hit a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $22.00 to $24.00. Mizuho currently has a neutral rating on the stock. Comstock Resources traded as high as $23.88 and last traded at $22.85, with a volume of 2549488 shares trading hands. The stock had previously closed at $23.34.

CRK has been the subject of several other reports. Williams Trading set a $13.00 price objective on Comstock Resources in a report on Wednesday, March 5th. Morgan Stanley reaffirmed a “cautious” rating and issued a $22.00 price target (up previously from $21.00) on shares of Comstock Resources in a research note on Wednesday, March 26th. Piper Sandler upped their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 29th. Truist Financial raised their target price on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a report on Monday, January 13th. Finally, UBS Group began coverage on shares of Comstock Resources in a research report on Tuesday, April 22nd. They issued a “neutral” rating and a $19.00 target price for the company. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.77.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. VSM Wealth Advisory LLC acquired a new stake in shares of Comstock Resources during the 4th quarter valued at $27,000. Nisa Investment Advisors LLC raised its position in Comstock Resources by 129.3% in the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock valued at $42,000 after purchasing an additional 1,170 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Comstock Resources during the first quarter valued at about $52,000. Sterling Capital Management LLC boosted its stake in shares of Comstock Resources by 804.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock valued at $54,000 after purchasing an additional 2,631 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Comstock Resources by 225.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 2,326 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Price Performance

The company has a 50 day moving average price of $19.65 and a 200-day moving average price of $17.91. The company has a market cap of $6.95 billion, a price-to-earnings ratio of -31.20, a P/E/G ratio of 1.65 and a beta of 0.14. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $512.85 million for the quarter, compared to analyst estimates of $408.99 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) EPS. As a group, equities research analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

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.