Comstock Resources, Inc. (NYSE:CRK – Get Free Report)’s stock price was down 3.9% during mid-day trading on Wednesday . The stock traded as low as $15.38 and last traded at $15.3960. Approximately 714,899 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 2,512,107 shares. The stock had previously closed at $16.02.
Comstock Resources News Roundup
Here are the key news stories impacting Comstock Resources this week:
- Positive Sentiment: Comstock signed a letter of intent for Azerbaijan’s SOCAR to acquire interests in its Legacy and Western Haynesville assets and 15% of its Pinnacle Gas Services ownership for $1.65 billion in cash. Comstock expects to use the proceeds to reduce net debt from approximately $3.1 billion to $1.5 billion, potentially lowering financial leverage and interest costs. Comstock plans to cut debt with $1.65 billion Haynesville stake sale to Azerbaijan’s SOCAR
- Positive Sentiment: The company also announced a $450 million drilling venture with a partnership owned by majority stockholder Jerry Jones. The partnership will fund most drilling and completion costs for 27 Haynesville wells over the next year, allowing Comstock to continue developing its acreage while retaining operatorship and control. Comstock announces strategic partnership with SOCAR and drilling joint venture
- Positive Sentiment: SOCAR’s involvement may provide access to international natural-gas and LNG customers, while the transaction’s reported valuation validates Comstock’s Haynesville and midstream assets. Investors appear to view the package as a significant balance-sheet improvement that preserves exposure to future production growth. Comstock Resources bags $2.1 billion in new deals
- Neutral Sentiment: Mizuho raised its price target for CRK from $19 to $20 but kept a “neutral” rating. The target implies upside from the referenced share price, but the recommendation signals limited conviction. Analyst price target update
- Negative Sentiment: Analysts collectively assign Comstock a consensus “Reduce” recommendation, underscoring ongoing concerns despite the proposed transactions. The deal remains subject to a definitive agreement, negotiations, and regulatory and third-party approvals, creating execution risk. Comstock Resources given consensus Reduce recommendation
Analysts Set New Price Targets
Several equities research analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a report on Monday, August 17th. Cantor Fitzgerald reissued a “neutral” rating on shares of Comstock Resources in a research report on Wednesday. Morgan Stanley set a $15.00 price target on shares of Comstock Resources and gave the company an “equal weight” rating in a research note on Wednesday, August 19th. Williams Trading set a $16.00 price objective on shares of Comstock Resources in a report on Thursday, May 14th. Finally, UBS Group reiterated a “sell” rating on shares of Comstock Resources in a report on Wednesday. Eight 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 has an average rating of “Reduce” and a consensus price target of $15.30.
Comstock Resources Stock Performance
The company’s fifty day moving average price is $13.77 and its 200 day moving average price is $15.98. The company has a market cap of $4.57 billion, a PE ratio of 8.76 and a beta of 0.14. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48.
Comstock Resources (NYSE:CRK – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. During the same period in the previous year, the company earned $0.13 earnings per share. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. On average, equities research analysts predict that Comstock Resources, Inc. will post 0.4 earnings per share for the current year.
Hedge Funds Weigh In On Comstock Resources
Several institutional investors have recently modified their holdings of CRK. BlackRock Inc. bought a new stake in Comstock Resources during the second quarter worth $176,583,000. Dragoneer Investment Group LLC bought a new stake in shares of Comstock Resources during the 4th quarter worth $99,632,000. Bank of America Corp DE boosted its holdings in shares of Comstock Resources by 344.5% in the 2nd 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 buying an additional 1,436,746 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Comstock Resources by 1,095.9% in the 2nd quarter. California State Teachers Retirement System now owns 1,251,609 shares of the oil and gas producer’s stock worth $18,674,000 after buying an additional 1,146,954 shares during the last quarter. Finally, Gemsstock Ltd. bought a new position in Comstock Resources during the fourth quarter valued at about $19,186,000. 36.13% of the stock is owned by institutional investors.
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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