Comstock Resources, Inc. (NYSE:CRK) Receives $10.25 Average PT from Brokerages

Comstock Resources, Inc. (NYSE:CRK) has received a consensus rating of “Reduce” from the eleven research firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $9.75.

CRK has been the topic of several recent research reports. StockNews.com raised Comstock Resources to a “sell” rating in a research note on Monday, April 29th. Mizuho increased their target price on Comstock Resources from $10.00 to $11.00 and gave the stock an “underperform” rating in a research report on Monday, May 13th. Capital One Financial cut Comstock Resources from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. The Goldman Sachs Group raised their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a report on Tuesday, May 28th. Finally, KeyCorp started coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating for the company.

Comstock Resources Stock Up 3.1 %

NYSE CRK opened at $10.98 on Tuesday. The stock’s 50-day moving average price is $10.38 and its 200-day moving average price is $9.72. The company has a quick ratio of 0.64, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The company has a market capitalization of $3.21 billion, a P/E ratio of 49.91 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. The firm’s quarterly revenue was down 14.4% compared to the same quarter last year. On average, equities research analysts predict that Comstock Resources will post -0.13 earnings per share for the current year.

Insider Transactions at Comstock Resources

In related news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares in the company, valued at $1,596,474,860.64. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average cost of $10.64 per share, with a total value of $6,101,539.92. Following the purchase, the insider now owns 203,450,946 shares of the company’s stock, valued at $2,164,718,065.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the purchase, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 4,032,087 shares of company stock worth $38,124,794. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of Comstock Resources by 26.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after acquiring an additional 2,438,252 shares during the last quarter. Vanguard Group Inc. raised its position in Comstock Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after purchasing an additional 34,231 shares in the last quarter. American Century Companies Inc. raised its position in Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after purchasing an additional 362,043 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Comstock Resources by 10.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock valued at $8,986,000 after purchasing an additional 93,140 shares in the last quarter. Finally, Millennium Management LLC raised its position in Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares in the last quarter. 36.13% of the stock is owned by institutional investors.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.