Comstock Resources (NYSE:CRK) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

by · The Markets Daily

Comstock Resources (NYSE:CRK – Get Free Report) announced its earnings results on Wednesday. The oil and gas producer reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08, FiscalAI reports. The company had revenue of $789.81 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.

Comstock Resources Stock Up 0.4%

Shares of CRK traded up $0.08 during mid-day trading on Wednesday, reaching $20.50. The company’s stock had a trading volume of 2,487,991 shares, compared to its average volume of 2,778,572. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.41 and a quick ratio of 0.41. Comstock Resources has a 12-month low of $14.65 and a 12-month high of $31.17. The stock has a market cap of $6.01 billion, a PE ratio of 82.00 and a beta of 0.39. The company’s 50 day moving average is $22.80 and its 200 day moving average is $20.42.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently added to or reduced their stakes in the stock. CreativeOne Wealth LLC increased its holdings in shares of Comstock Resources by 3.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock worth $276,000 after buying an additional 500 shares during the last quarter. Natixis Advisors LLC increased its stake in Comstock Resources by 2.0% during the fourth quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock worth $689,000 after acquiring an additional 572 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Comstock Resources during the third quarter worth about $27,000. Occudo Quantitative Strategies LP raised its holdings in shares of Comstock Resources by 3.7% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 44,645 shares of the oil and gas producer’s stock worth $1,235,000 after purchasing an additional 1,591 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Comstock Resources by 1.6% in the 3rd quarter. Alliancebernstein L.P. now owns 104,249 shares of the oil and gas producer’s stock valued at $2,067,000 after purchasing an additional 1,600 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. UBS Group reissued a “sell” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Morgan Stanley set a $20.00 target price on shares of Comstock Resources and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Citigroup restated a “neutral” rating and issued a $25.00 price target (up previously from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Mizuho upped their price objective on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Finally, Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Comstock Resources has an average rating of “Reduce” and an average price target of $20.33.

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Comstock Resources Company Profile

(Get Free Report)

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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