Comstock Resources (NYSE:CRK) Reaches New 1-Year High – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $19.93 and last traded at $19.55, with a volume of 379153 shares traded. The stock had previously closed at $18.79.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRK. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $10.00 to $18.00 in a research note on Monday, December 16th. Truist Financial raised their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Bank of America initiated coverage on Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 target price for the company. BMO Capital Markets increased their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Finally, Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research report on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $11.78.

Comstock Resources Price Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The company’s fifty day simple moving average is $15.29 and its two-hundred day simple moving average is $12.28. The stock has a market capitalization of $5.65 billion, a PE ratio of -107.38 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The firm’s revenue was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.04 earnings per share. As a group, sell-side analysts predict that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insiders Place Their Bets

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $16.33, for a total transaction of $163,300.00. Following the transaction, the director now directly owns 123,781 shares in the company, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 38,000 shares of company stock valued at $634,660 in the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KGH Ltd increased its holdings in Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after purchasing an additional 975,000 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after buying an additional 2,438,252 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of 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 buying an additional 362,043 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Comstock Resources by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after acquiring an additional 57,376 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after acquiring an additional 775,371 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

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.