Comstock Resources Inc. (CRK) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Comstock Resources Inc. (NYSE:CRK) from a hold rating to a buy rating in a research note issued to investors on Monday. Zacks Investment Research currently has $8.50 target price on the stock.
According to Zacks, “With natural gas up significantly from their March lows and Comstock being one of the most gas weighted E&Ps, it is poised to achieve significant share price appreciation. As it is, CRK's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities. In fact, even in this difficult operating environment, CRK's Haynesville program continues to achieve excellent results. Supplemented with a low cost structure, Comstock remains well positioned to maintain a strong growth trajectory in the near- to-medium term. The company's decision to suspend its dividend might have shocked income investors but it has provided much needed stability to the balance sheet. Finally, a significant reduction in lifting costs has resulted in major savings for CRK. Consequently, we think CRK offers substantial upside potential from the current price levels.”
Several other equities research analysts have also issued reports on CRK. Stifel Nicolaus reissued a hold rating on shares of Comstock Resources in a report on Wednesday, August 31st. Robert W. Baird boosted their price target on shares of Comstock Resources from $6.00 to $10.00 and gave the company a neutral rating in a report on Thursday, September 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $9.75.
Comstock Resources (NYSE:CRK) traded down 0.27% during trading on Monday, reaching $7.45. 18,594 shares of the company’s stock traded hands. The firm’s 50 day moving average is $6.90 and its 200-day moving average is $4.69. The company’s market capitalization is $93.15 million. Comstock Resources has a 12 month low of $2.64 and a 12 month high of $16.90.
Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Monday, August 1st. The company reported ($4.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by $3.39. The business earned $40.72 million during the quarter, compared to the consensus estimate of $39.16 million. Comstock Resources had a negative net margin of 475.42% and a negative return on equity of 202.37%. The company’s quarterly revenue was down 47.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.11) EPS. Analysts expect that Comstock Resources will post ($12.63) EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in CRK. Cubist Systematic Strategies LLC boosted its stake in shares of Comstock Resources by 16.1% in the second quarter. Cubist Systematic Strategies LLC now owns 158,435 shares of the company’s stock worth $133,000 after buying an additional 21,992 shares during the period. Vanguard Group Inc. boosted its stake in shares of Comstock Resources by 8.3% in the second quarter. Vanguard Group Inc. now owns 1,493,844 shares of the company’s stock worth $1,255,000 after buying an additional 114,614 shares during the period. Bridgeway Capital Management Inc. boosted its stake in shares of Comstock Resources by 19.6% in the second quarter. Bridgeway Capital Management Inc. now owns 842,200 shares of the company’s stock worth $708,000 after buying an additional 137,825 shares during the period. California Public Employees Retirement System boosted its stake in shares of Comstock Resources by 10.4% in the second quarter. California Public Employees Retirement System now owns 1,641,256 shares of the company’s stock worth $1,379,000 after buying an additional 154,700 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Comstock Resources during the first quarter worth approximately $121,000.
Comstock Resources Company Profile
Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.
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