Comstock Resources (NYSE:CRK) Hits New 12-Month High After Analyst Upgrade

Shares of Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $11.00 to $19.00. Truist Financial currently has a hold rating on the stock. Comstock Resources traded as high as $20.57 and last traded at $19.94, with a volume of 3053960 shares trading hands. The stock had previously closed at $19.88.

A number of other analysts have also commented on CRK. Morgan Stanley assumed coverage on Comstock Resources in a research note on Friday, January 10th. They set an “equal weight” rating and a $18.00 price target on the stock. Citigroup lifted their price objective on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Mizuho raised Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Finally, Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research note on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $13.30.

Insider Buying and Selling at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now 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 legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System grew its holdings in Comstock Resources by 6.9% during the second quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock worth $297,000 after buying an additional 1,848 shares in the last quarter. Choreo LLC purchased a new stake in Comstock Resources during the 2nd quarter worth about $105,000. Texas Permanent School Fund Corp lifted its holdings in Comstock Resources by 164.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 211,626 shares of the oil and gas producer’s stock worth $2,197,000 after purchasing an additional 131,733 shares in the last quarter. American Century Companies Inc. lifted its holdings in Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after purchasing an additional 362,043 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Comstock Resources by 26.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Price Performance

The firm has a market capitalization of $6.21 billion, a P/E ratio of -117.99 and a beta of 0.51. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The business has a 50 day simple moving average of $16.29 and a two-hundred day simple moving average of $12.66.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The firm had revenue of $304.50 million for the quarter, compared to the consensus estimate of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.04 earnings per share. On average, sell-side analysts expect that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal year.

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.