Comstock Resources (NYSE:CRK – Get Free Report) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.
CRK has been the topic of a number of other research reports. UBS Group reaffirmed a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Mizuho set a $19.00 target price on Comstock Resources in a research report on Monday, August 10th. Roth Capital reissued a “neutral” rating on shares of Comstock Resources in a report on Thursday, July 30th. Morgan Stanley set a $15.00 price target on shares of Comstock Resources and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Finally, Citigroup decreased their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, July 20th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Comstock Resources presently has a consensus rating of “Reduce” and an average price target of $14.89.
Get Our Latest Stock Analysis on Comstock Resources
Comstock Resources Stock Down 0.1%
Comstock Resources (NYSE:CRK – Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business’s revenue was down 24.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. Analysts forecast that Comstock Resources will post 0.4 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Comstock Resources
Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Comstock Resources in the 2nd quarter worth about $176,583,000. State Street Corp lifted its stake in Comstock Resources by 3.7% in the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after purchasing an additional 161,093 shares during the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Comstock Resources during the fourth quarter valued at approximately $99,632,000. Bank of America Corp DE boosted its position in shares of Comstock Resources by 5.1% during the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock valued at $38,643,000 after buying an additional 94,856 shares during the period. Finally, California State Teachers Retirement System grew its stake in shares of Comstock Resources by 1,095.9% during the second quarter. California State Teachers Retirement System now owns 1,251,609 shares of the oil and gas producer’s stock valued at $18,674,000 after buying an additional 1,146,954 shares during the last quarter. 36.13% of the stock is 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.
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