Comstock Resources (NYSE:CRK) Stock Falls 4.7% – Time to Sell?

Shares of Comstock Resources, Inc. (NYSE:CRK) fell 4.7% during trading on Friday. The company traded as low as $13.16 and last traded at $13.1650. Approximately 489,927 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 2,532,628 shares. The stock had previously closed at $13.82.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Monday, August 17th. Truist Financial assumed coverage on shares of Comstock Resources in a research report on Thursday, September 17th. They set a “hold” rating and a $16.00 price target on the stock. The Goldman Sachs Group raised their price objective on Comstock Resources from $9.00 to $15.00 and gave the stock a “sell” rating in a research note on Wednesday, September 2nd. Finally, Zacks Research cut Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $15.75.

Comstock Resources Trading Down 5.2%

The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 7.37 and a beta of 0.14. The business’s fifty day moving average is $13.89 and its 200 day moving average is $15.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 EPS. Equities analysts predict that Comstock Resources, Inc. will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRK. BlackRock Inc. bought a new stake in Comstock Resources in the 2nd quarter valued at approximately $176,583,000. Dragoneer Investment Group LLC acquired a new stake in shares of Comstock Resources in the fourth quarter valued at approximately $99,632,000. State Street Corp raised its holdings in shares of Comstock Resources by 2.7% in the second quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer’s stock valued at $79,622,000 after purchasing an additional 141,295 shares during the last quarter. First Trust Advisors LP grew its position in Comstock Resources by 143.2% in the first quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer’s stock valued at $22,759,000 after purchasing an additional 635,781 shares in the last quarter. Finally, Gemsstock Ltd. acquired a new stake in Comstock Resources in the 4th quarter valued at $19,186,000. 36.13% of the stock is owned by institutional investors and hedge funds.

About Comstock Resources

Comstock Resources, Inc is an independent exploration and production company focused on finding, developing, acquiring and producing oil and natural gas in the United States. Its operations are primarily centered on natural gas and natural gas liquids, with production sold to commercial customers, utilities, marketers and other participants in energy markets.

The company’s principal assets are located in the Haynesville and Bossier shale plays in North Louisiana and East Texas, one of the largest natural gas-producing regions in the United States.