Comstock Resources (NYSE:CRK) Issues Earnings Results

Comstock Resources (NYSE:CRK) issued its quarterly earnings data on Monday. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05, Zacks reports. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The firm had revenue of $449.85 million for the quarter, compared to the consensus estimate of $433.54 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. The company’s quarterly revenue was up 47.8% compared to the same quarter last year.

Comstock Resources Trading Up 2.8%

NYSE:CRK opened at $19.28 on Tuesday. The company has a market capitalization of $5.65 billion, a PE ratio of -80.34 and a beta of 0.19. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources has a 52-week low of $11.14 and a 52-week high of $31.17. The stock has a fifty day simple moving average of $17.99 and a 200-day simple moving average of $20.55.

Wall Street Analyst Weigh In

Several brokerages have commented on CRK. Zacks Research cut shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. UBS Group dropped their price objective on shares of Comstock Resources from $18.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday, August 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Comstock Resources in a research report on Wednesday, October 8th. Roth Capital cut shares of Comstock Resources from a “neutral” rating to a “sell” rating and reduced their target price for the company from $18.00 to $12.00 in a report on Monday, August 18th. Finally, Piper Sandler set a $9.00 price target on shares of Comstock Resources and gave the company an “underweight” rating in a research note on Tuesday, October 21st. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $19.50.

Institutional Trading of Comstock Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. grew its holdings in shares of Comstock Resources by 99.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 42,156 shares of the oil and gas producer’s stock worth $1,166,000 after purchasing an additional 20,986 shares during the period. Occudo Quantitative Strategies LP boosted its stake in shares of Comstock Resources by 3.7% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 44,645 shares of the oil and gas producer’s stock valued at $1,235,000 after buying an additional 1,591 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Comstock Resources by 44.7% during the 2nd quarter. Sei Investments Co. now owns 42,115 shares of the oil and gas producer’s stock valued at $1,165,000 after buying an additional 13,013 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Comstock Resources by 64.7% during the 2nd quarter. Cerity Partners LLC now owns 17,374 shares of the oil and gas producer’s stock valued at $481,000 after buying an additional 6,827 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Comstock Resources by 26.0% during the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock worth $1,328,000 after purchasing an additional 13,485 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.