Comstock Resources (NYSE:CRK) Sets New 12-Month Low Following Analyst Downgrade

Comstock Resources, Inc. (NYSE:CRK)’s share price hit a new 52-week low during trading on Wednesday after Mizuho lowered their price target on the stock from $25.00 to $21.00. Mizuho currently has a neutral rating on the stock. Comstock Resources traded as low as $13.16 and last traded at $13.19, with a volume of 2674318 shares changing hands. The stock had previously closed at $13.94.

Several other equities analysts also recently commented on CRK. Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday, May 20th. Williams Trading set a $16.00 price objective on Comstock Resources in a research report on Thursday, May 14th. Morgan Stanley lowered their price objective on Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, May 22nd. Citigroup restated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Finally, UBS Group restated a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Comstock Resources has an average rating of “Reduce” and an average price target of $18.89.

Insider Transactions at Comstock Resources

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president directly owned 187,516 shares in the company, valued at $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Great Hill Capital LLC purchased a new stake in shares of Comstock Resources in the third quarter worth approximately $4,075,000. Federated Hermes Inc. grew its position in shares of Comstock Resources by 10,032.7% during the 3rd quarter. Federated Hermes Inc. now owns 359,307 shares of the oil and gas producer’s stock worth $7,125,000 after buying an additional 355,761 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Comstock Resources during the 3rd quarter worth $2,395,000. LSP Investment Advisors LLC raised its holdings in shares of Comstock Resources by 33.9% in the third quarter. LSP Investment Advisors LLC now owns 378,900 shares of the oil and gas producer’s stock valued at $7,514,000 after acquiring an additional 95,900 shares in the last quarter. Finally, Aventail Capital Group LP raised its holdings in shares of Comstock Resources by 149.9% in 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 acquiring an additional 686,002 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The firm has a fifty day moving average of $17.35 and a two-hundred day moving average of $20.63. The stock has a market capitalization of $4.00 billion, a P/E ratio of 6.22 and a beta of 0.22.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The company had revenue of $587.35 million during the quarter, compared to analysts’ expectations of $554.02 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. On average, analysts predict that Comstock Resources, Inc. will post 0.64 EPS for the current year.

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.