Citigroup Has Lowered Expectations for Comstock Resources (NYSE:CRK) Stock Price

Comstock Resources (NYSE:CRK) had its price objective dropped by Citigroup from $19.00 to $16.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s target price indicates a potential upside of 23.60% from the company’s previous close.

Several other analysts have also commented on CRK. Wall Street Zen lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. The Goldman Sachs Group decreased their target price on Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday, June 30th. Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Mizuho dropped their price target on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, Roth Capital raised Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a research note on Friday, July 10th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $15.22.

Comstock Resources Trading Down 3.0%

Comstock Resources stock traded down $0.40 during mid-day trading on Monday, reaching $12.95. 858,396 shares of the company traded hands, compared to its average volume of 2,532,949. 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’s 50 day moving average price is $13.77 and its 200 day moving average price is $17.94. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 5.92 and a beta of 0.10. Comstock Resources has a 52-week low of $12.44 and a 52-week high of $28.10.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $587.35 million during the quarter, compared to the consensus estimate of $554.01 million. During the same quarter last year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts anticipate that Comstock Resources will post 0.49 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Rothschild Investment LLC raised its stake in Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 1,007 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Comstock Resources in the third quarter worth $27,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Comstock Resources in the first quarter worth $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources during the fourth quarter valued at $29,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of Comstock Resources by 877.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 1,290 shares in the last quarter. Hedge funds and other 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.