Comstock Resources (NYSE:CRK) Downgraded by Wall Street Zen to Strong Sell

by · The Cerbat Gem

Wall Street Zen downgraded shares of Comstock Resources (NYSE:CRK – Free Report) from a sell rating to a strong sell rating in a research note released on Saturday,Wall Street Zen reports.

CRK has been the subject of several other research reports. Jefferies Financial Group started coverage on Comstock Resources in a report on Friday, September 25th. They set a “hold” rating and a $14.00 price objective for the company. The Goldman Sachs Group raised their target price 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. Scotiabank started coverage on shares of Comstock Resources in a research note on Wednesday. They issued an “underperform” rating and a $11.00 target price on the stock. Citigroup dropped their target price on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, July 20th. Finally, UBS Group set a $14.00 price target on shares of Comstock Resources and gave the stock a “sell” rating in a research note on Wednesday, September 9th. Ten investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of “Reduce” and a consensus price target of $15.00.

Read Our Latest Stock Report on CRK

Comstock Resources Stock Performance

Shares of CRK stock opened at $13.98 on Friday. The firm’s 50-day simple moving average is $13.94 and its two-hundred day simple moving average is $14.52. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 7.85 and a beta of 0.52. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.

Comstock Resources (NYSE:CRK – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same period in the prior year, the firm earned $0.13 earnings per share. The company’s revenue was down 24.9% compared to the same quarter last year. As a group, equities analysts forecast that Comstock Resources will post 0.26 earnings per share for the current year.

Institutional Trading of Comstock Resources

Several large investors have recently added to or reduced their stakes in CRK. BlackRock Inc. bought a new stake in shares of Comstock Resources in the 2nd quarter worth approximately $176,583,000. State Street Corp grew its position in Comstock Resources by 2.7% in the 2nd quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer’s stock worth $79,622,000 after purchasing an additional 141,295 shares during the period. First Trust Advisors LP increased its position in Comstock Resources by 143.2% during 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 acquiring an additional 635,781 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its position in shares of Comstock Resources by 34.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer’s stock valued at $18,168,000 after purchasing an additional 222,569 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Comstock Resources by 5.5% during the first quarter. Bank of America Corp DE now owns 726,140 shares of the oil and gas producer’s stock valued at $15,307,000 after buying an additional 38,060 shares during the last quarter. Institutional investors own 36.13% of the company’s stock.

About Comstock Resources

(Get Free Report)

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.

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