Comstock Resources (NYSE:CRK) Shares Down 5.4% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) fell 5.4% during mid-day trading on Monday . The company traded as low as $14.57 and last traded at $14.73. 292,531 shares changed hands during trading, a decline of 91% from the average session volume of 3,438,864 shares. The stock had previously closed at $15.57.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CRK shares. Bank of America started coverage on shares of Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective for the company. Mizuho lowered their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. BMO Capital Markets lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. Finally, Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.31.

Comstock Resources Price Performance

The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The firm has a 50 day moving average of $12.60 and a 200-day moving average of $11.27. The company has a market cap of $4.38 billion, a P/E ratio of -85.55 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same period last year, the business posted $0.04 earnings per share. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, equities research analysts predict that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Institutional Trading of Comstock Resources

A number of institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new stake in shares of Comstock Resources during the third quarter valued at about $25,000. Sunbelt Securities Inc. increased its stake in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after acquiring an additional 1,400 shares during the period. Blue Trust Inc. purchased a new stake in Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after buying an additional 1,312 shares during the last quarter. 36.13% of the stock is currently 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.