Comstock Resources (NYSE:CRK) Shares Gap Up – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) shares gapped up prior to trading on Tuesday . The stock had previously closed at $21.18, but opened at $22.72. Comstock Resources shares last traded at $22.2950, with a volume of 471,668 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Zacks Research raised Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Mizuho boosted their price objective on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Citigroup reissued a “neutral” rating and issued a $25.00 price target (up previously from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. UBS Group reissued a “sell” rating and issued a $18.00 target price (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and an average price target of $20.22.

Comstock Resources Trading Up 5.1%

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $6.52 billion, a PE ratio of 89.04 and a beta of 0.39. The stock’s fifty day moving average price is $23.61 and its two-hundred day moving average price is $20.41.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The business had revenue of $449.85 million during the quarter, compared to the consensus estimate of $433.54 million. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The firm’s quarterly revenue was up 47.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.17) earnings per share. Sell-side analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Trading of Comstock Resources

Several institutional investors have recently added to or reduced their stakes in CRK. Bank of America Corp DE raised its position in Comstock Resources by 344.5% in the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after acquiring an additional 1,436,746 shares during the period. Aventail Capital Group LP grew its holdings in Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after purchasing an additional 686,002 shares during the period. Man Group plc raised its stake in shares of Comstock Resources by 1,752.8% in the third quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after buying an additional 567,810 shares during the period. Marshall Wace LLP purchased a new position in shares of Comstock Resources during the 3rd quarter valued at about $8,961,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Comstock Resources by 67.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock valued at $22,107,000 after acquiring an additional 437,476 shares during the period. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.