Comstock Resources’ (CRK) Hold Rating Reiterated at Truist Financial

Comstock Resources (NYSE:CRK)‘s stock had its “hold” rating reaffirmed by Truist Financial in a research note issued to investors on Friday, Benzinga reports. They currently have a $15.00 target price on the oil and gas producer’s stock, down from their previous target price of $16.00. Truist Financial‘s price target points to a potential upside of 9.74% from the stock’s previous close.

CRK has been the topic of several other research reports. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. The Goldman Sachs Group boosted their price objective on shares of Comstock Resources from $9.00 to $15.00 and gave the company a “sell” rating in a research note on Wednesday, September 2nd. Morgan Stanley set a $13.00 price target on Comstock Resources and gave the company an “equal weight” rating in a report on Thursday, October 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a report on Monday, August 17th. Finally, UBS Group set a $14.00 target price on Comstock Resources and gave the company a “sell” rating in a report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $14.92.

Comstock Resources Trading Up 2.6%

Shares of NYSE:CRK traded up $0.35 during mid-day trading on Friday, reaching $13.67. 812,878 shares of the company were exchanged, compared to its average volume of 2,539,744. Comstock Resources has a 1 year low of $12.12 and a 1 year high of $28.10. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The firm’s 50-day simple moving average is $13.96 and its 200 day simple moving average is $16.05. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 9.34 and a beta of 0.54.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, November 4th. The oil and gas producer reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $384.36 million for the quarter, compared to analyst estimates of $420.97 million. Comstock Resources had a return on equity of 3.25% and a net margin of 19.83%. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.09 EPS. Equities research analysts forecast that Comstock Resources will post 0.31 EPS for the current year.

Institutional Trading of Comstock Resources

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its stake in shares of Comstock Resources by 345.9% in the third quarter. Allworth Financial LP now owns 4,526 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 3,511 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of Comstock Resources by 52.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 17,384 shares of the oil and gas producer’s stock valued at $214,000 after purchasing an additional 5,954 shares in the last quarter. Fulcrum Asset Management LLP acquired a new stake in Comstock Resources during the third quarter valued at approximately $115,000. ACR Alpine Capital Research LLC increased its stake in Comstock Resources by 3.7% during the third quarter. ACR Alpine Capital Research LLC now owns 566,470 shares of the oil and gas producer’s stock valued at $6,979,000 after purchasing an additional 20,057 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Comstock Resources during the third quarter worth about $327,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.