Piper Sandler Issues Positive Forecast for Comstock Resources (NYSE:CRK) Stock Price

Comstock Resources (NYSE:CRK) had its price objective boosted by Piper Sandler from $5.00 to $6.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s price objective indicates a potential downside of 68.61% from the company’s current price.

A number of other brokerages have also commented on CRK. Truist Financial lifted their price target on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Morgan Stanley started coverage on Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 target price on the stock. Citigroup boosted their target price on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th. Finally, BMO Capital Markets boosted their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.40.

Comstock Resources Stock Performance

Shares of Comstock Resources stock opened at $19.12 on Wednesday. The business’s fifty day simple moving average is $17.55 and its 200 day simple moving average is $13.31. The firm has a market capitalization of $5.59 billion, a P/E ratio of -106.20, a price-to-earnings-growth ratio of 2.53 and a beta of 0.51. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $22.06. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to the consensus estimate of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The business’s revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. As a group, analysts anticipate that Comstock Resources will post -0.39 EPS for the current year.

Insider Activity

In related news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.62, for a total transaction of $156,200.00. Following the completion of the transaction, the director now directly owns 143,781 shares in the company, valued at $2,245,859.22. The trade was a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comstock Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. purchased a new position in Comstock Resources during the third quarter worth about $25,000. Sunbelt Securities Inc. grew its position in Comstock Resources by 140.0% during the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 1,400 shares in the last quarter. Blue Trust Inc. grew its position in Comstock Resources by 116.3% during the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after buying an additional 3,611 shares in the last quarter. Algert Global LLC purchased a new position in Comstock Resources during the second quarter worth about $107,000. Finally, KBC Group NV lifted its stake in Comstock Resources by 46.8% during the fourth quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer’s stock worth $118,000 after purchasing an additional 2,066 shares during the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Company Profile

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.