Comstock Resources (NYSE:CRK) PT Lowered to $9.00

Comstock Resources (NYSE:CRK) had its target price decreased by Mizuho from $10.00 to $9.00 in a research report sent to investors on Monday, Benzinga reports. Mizuho currently has an underperform rating on the oil and gas producer’s stock.

Several other brokerages have also recently weighed in on CRK. Piper Sandler dropped their price objective on Comstock Resources from $9.00 to $8.00 and set an overweight rating for the company in a report on Thursday, March 7th. StockNews.com raised Comstock Resources to a sell rating in a research note on Thursday, April 4th. Siebert Williams Shank initiated coverage on Comstock Resources in a research report on Tuesday, December 19th. They set a hold rating and a $10.00 price target for the company. Truist Financial reduced their price target on Comstock Resources from $10.00 to $9.00 and set a hold rating for the company in a research report on Tuesday, February 13th. Finally, Pickering Energy Partners raised Comstock Resources from an underperform rating to a neutral rating in a report on Tuesday, January 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Comstock Resources presently has a consensus rating of Hold and an average target price of $10.00.

Comstock Resources Stock Up 0.4 %

Shares of NYSE CRK opened at $9.23 on Monday. The stock has a market cap of $2.57 billion, a PE ratio of 12.14 and a beta of 0.70. The business has a fifty day moving average of $8.53 and a two-hundred day moving average of $9.50. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $13.39. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.68 and a current ratio of 0.68.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The company had revenue of $410.58 million for the quarter, compared to analyst estimates of $401.97 million. Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The firm’s quarterly revenue was down 55.5% on a year-over-year basis. During the same quarter last year, the company earned $1.05 EPS. As a group, equities research analysts expect that Comstock Resources will post 0.06 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In other news, major shareholder Star Exploration Corp Blue acquired 12,500,000 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the transaction, the insider now directly owns 194,821,429 shares of the company’s stock, valued at $1,566,364,289.16. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRK. BlackRock Inc. increased its position in Comstock Resources by 115.3% during the 1st quarter. BlackRock Inc. now owns 14,112,832 shares of the oil and gas producer’s stock worth $152,277,000 after buying an additional 7,556,426 shares during the period. KGH Ltd boosted its stake in Comstock Resources by 119.3% in the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock valued at $94,704,000 after buying an additional 4,670,959 shares in the last quarter. Millennium Management LLC boosted its stake in Comstock Resources by 1,460.0% in the fourth quarter. Millennium Management LLC now owns 2,864,944 shares of the oil and gas producer’s stock valued at $39,278,000 after buying an additional 2,681,292 shares in the last quarter. Woodline Partners LP acquired a new stake in Comstock Resources in the second quarter valued at about $30,443,000. Finally, Vanguard Group Inc. boosted its stake in Comstock Resources by 36.4% in the third quarter. Vanguard Group Inc. now owns 9,783,037 shares of the oil and gas producer’s stock valued at $169,148,000 after buying an additional 2,608,309 shares in the last quarter. Institutional investors 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.