Comstock Resources (NYSE:CRK) Shares Up 6.7% – Still a Buy?

Comstock Resources, Inc. (NYSE:CRK) shares traded up 6.7% during mid-day trading on Monday . The stock traded as high as $14.30 and last traded at $14.3150. Approximately 280,578 shares traded hands during trading, a decline of 89% from the average daily volume of 2,512,315 shares. The stock had previously closed at $13.41.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Williams Trading set a $16.00 target price on Comstock Resources in a research report on Thursday, May 14th. Citigroup reduced their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, July 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Wednesday, May 20th. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Mizuho set a $19.00 target price on shares of Comstock Resources in a research note on Monday. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $15.00.

Comstock Resources Trading Down 0.1%

The company has a fifty day simple moving average of $13.49 and a two-hundred day simple moving average of $16.85. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. The company has a market cap of $4.21 billion, a PE ratio of 8.06 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. During the same quarter last year, the business posted $0.13 EPS. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. Analysts anticipate that Comstock Resources, Inc. will post 0.48 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in shares of Comstock Resources during the 1st quarter worth $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Comstock Resources by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer’s stock valued at $1,124,000 after buying an additional 2,697 shares during the last quarter. Goldman Sachs Group Inc. raised its stake 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 valued at $22,107,000 after buying an additional 437,476 shares in the last quarter. Intech Investment Management LLC raised its stake in Comstock Resources by 26.0% in the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock valued at $1,328,000 after buying an additional 13,485 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Comstock Resources during the 2nd quarter worth about $93,000. Institutional investors and hedge funds 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.