Comstock Resources (NYSE:CRK – Get Free Report) released its quarterly earnings results on Wednesday. The oil and gas producer reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01, FiscalAI reports. The business had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.22%. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 earnings per share.
Comstock Resources Stock Up 4.6%
Shares of Comstock Resources stock traded up $0.59 during trading on Friday, hitting $13.29. The company’s stock had a trading volume of 1,031,832 shares, compared to its average volume of 2,534,651. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The company has a fifty day simple moving average of $13.48 and a two-hundred day simple moving average of $17.33. The company has a market capitalization of $3.90 billion, a PE ratio of 7.48 and a beta of 0.10. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on CRK. Morgan Stanley set a $16.00 target price on shares of Comstock Resources and gave the company an “equal weight” rating in a research note on Monday, June 29th. UBS Group reissued a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Zacks Research lowered shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. The Goldman Sachs Group cut their price objective on Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, June 30th. Finally, Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $15.22.
Institutional Investors Weigh In On Comstock Resources
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Castleark Management LLC grew its stake in shares of Comstock Resources by 96.7% in the 4th quarter. Castleark Management LLC now owns 18,000 shares of the oil and gas producer’s stock worth $417,000 after buying an additional 8,850 shares during the last quarter. Boothbay Fund Management LLC bought a new position in Comstock Resources during the 4th quarter valued at approximately $293,000. Gotham Asset Management LLC purchased a new position in Comstock Resources during the fourth quarter valued at $289,000. CreativeOne Wealth LLC raised its stake in Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after buying an additional 500 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Comstock Resources in the fourth quarter worth $275,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.
Comstock Resources Company Profile
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.
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