Comstock Resources (NYSE:CRK) Trading 6.6% Higher – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK)’s stock price shot up 6.6% during mid-day trading on Wednesday . The stock traded as high as $13.52 and last traded at $13.5070. 1,171,219 shares changed hands during trading, a decline of 53% from the average session volume of 2,503,718 shares. The stock had previously closed at $12.67.

Analysts Set New Price Targets

Several brokerages have recently commented on CRK. Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Williams Trading set a $16.00 target price on shares of Comstock Resources in a research report on Thursday, May 14th. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. UBS Group reiterated a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Finally, Mizuho dropped their price objective on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $18.89.

Comstock Resources Price Performance

The business’s fifty day simple moving average is $15.98 and its 200-day simple moving average is $19.98. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The firm has a market cap of $3.93 billion, a P/E ratio of 6.12 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last issued its 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). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.02 million. During the same period in the previous year, the firm earned $0.18 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts forecast that Comstock Resources, Inc. will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rothschild Investment LLC grew its position in shares of Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Comstock Resources during the 3rd quarter valued at $27,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Comstock Resources during the 1st quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Comstock Resources during the 4th quarter valued at $29,000. Finally, Jones Financial Companies Lllp grew its position in shares of Comstock Resources by 671.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 1,376 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

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.