Comstock Resources (NYSE:CRK) Shares Gap Up – Should You Buy?

Comstock Resources, Inc. (NYSE:CRK) gapped up before the market opened on Tuesday . The stock had previously closed at $21.18, but opened at $22.72. Comstock Resources shares last traded at $22.2950, with a volume of 471,668 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRK shares. UBS Group restated a “sell” rating and issued a $18.00 price objective (up from $16.00) on shares of Comstock Resources in a report on Friday, December 12th. Bank of America cut Comstock Resources from a “buy” rating to a “neutral” rating and lowered their target price for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Citigroup restated a “neutral” rating and set a $25.00 price target (up from $24.00) on shares of Comstock Resources in a research report on Wednesday, January 14th. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $20.22.

Comstock Resources Trading Up 1.9%

The stock has a 50-day moving average of $23.52 and a two-hundred day moving average of $20.45. The company has a market cap of $7.17 billion, a P/E ratio of 97.92 and a beta of 0.39. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.41 and a current ratio of 0.41.

Comstock Resources (NYSE:CRK) last released its earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The firm had revenue of $449.85 million for the quarter, compared to analysts’ expectations of $433.54 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. The company’s quarterly revenue was up 47.8% on a year-over-year basis. On average, equities research analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Institutional Trading of Comstock Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its position in Comstock Resources by 5.1% in the 3rd quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock worth $38,643,000 after buying an additional 94,856 shares during the last quarter. Woodline Partners LP lifted its position in Comstock Resources by 50.5% during the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock valued at $24,429,000 after purchasing an additional 413,611 shares during the period. Aventail Capital Group LP lifted its position in Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after purchasing an additional 686,002 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Comstock Resources by 67.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Finally, Man Group plc raised its stake in Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock valued at $11,902,000 after buying an additional 567,810 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.