Comstock Resources (NYSE:CRK) Shares Gap Down – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $15.57, but opened at $15.25. Comstock Resources shares last traded at $15.40, with a volume of 60,509 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a report on Tuesday, October 15th. BMO Capital Markets increased their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Truist Financial raised their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Bank of America initiated coverage on shares of Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Mizuho decreased their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Comstock Resources presently has a consensus rating of “Hold” and a consensus price target of $10.31.

Comstock Resources Price Performance

The stock’s 50 day simple moving average is $12.29 and its 200-day simple moving average is $11.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $4.52 billion, a PE ratio of -86.50 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the business earned $0.04 earnings per share. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. As a group, equities analysts forecast that Comstock Resources, Inc. will post -0.44 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new position in Comstock Resources during the 3rd quarter valued at about $169,000. Barclays PLC lifted its holdings in shares of Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after buying an additional 111,934 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of 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 valued at $27,000 after purchasing an additional 1,400 shares during the period. XTX Topco Ltd increased its position in shares of Comstock Resources by 74.1% during the third quarter. XTX Topco Ltd now owns 50,127 shares of the oil and gas producer’s stock valued at $558,000 after purchasing an additional 21,336 shares during the period. Finally, Weiss Asset Management LP bought a new stake in Comstock Resources in the third quarter valued at $1,263,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

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.