Comstock Resources Inc. (CRK) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Comstock Resources Inc. (NYSE:CRK) from a hold rating to a buy rating in a research note released on Monday. The brokerage currently has $8.50 price target on the stock.
According to Zacks, “With natural gas up significantly from their March lows and Comstock being one of the most gas weighted E&Ps, it is poised to achieve significant share price appreciation. As it is, CRK's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities. In fact, even in this difficult operating environment, CRK's Haynesville program continues to achieve excellent results. Supplemented with a low cost structure, Comstock remains well positioned to maintain a strong growth trajectory in the near- to-medium term. The company's decision to suspend its dividend might have shocked income investors but it has provided much needed stability to the balance sheet. Finally, a significant reduction in lifting costs has resulted in major savings for CRK. Consequently, we think CRK offers substantial upside potential from the current price levels.”
A number of other research analysts have also recently commented on CRK. Stifel Nicolaus restated a hold rating on shares of Comstock Resources in a research report on Wednesday, August 31st. Robert W. Baird lifted their target price on Comstock Resources from $6.00 to $10.00 and gave the company a neutral rating in a research report on Thursday, September 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $9.75.
Shares of Comstock Resources (NYSE:CRK) traded down 0.27% during mid-day trading on Monday, hitting $7.45. The stock had a trading volume of 18,594 shares. The stock’s 50-day moving average is $6.90 and its 200-day moving average is $4.69. Comstock Resources has a 1-year low of $2.64 and a 1-year high of $16.90. The firm’s market capitalization is $93.15 million.
Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Monday, August 1st. The company reported ($4.05) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.66) by $3.39. Comstock Resources had a negative return on equity of 202.37% and a negative net margin of 475.42%. The company earned $40.72 million during the quarter, compared to the consensus estimate of $39.16 million. During the same quarter in the previous year, the business posted ($1.11) EPS. The firm’s revenue for the quarter was down 47.3% on a year-over-year basis. Equities analysts expect that Comstock Resources will post ($12.63) earnings per share for the current year.
Several hedge funds have recently made changes to their positions in CRK. Renaissance Technologies LLC purchased a new stake in shares of Comstock Resources during the first quarter worth approximately $121,000. Cubist Systematic Strategies LLC raised its position in shares of Comstock Resources by 16.1% in the second quarter. Cubist Systematic Strategies LLC now owns 158,435 shares of the company’s stock valued at $133,000 after buying an additional 21,992 shares during the period. Schwab Charles Investment Management Inc. purchased a new position in shares of Comstock Resources during the second quarter valued at approximately $229,000. Mariner Investment Group LLC purchased a new position in shares of Comstock Resources during the second quarter valued at approximately $237,000. Finally, Spark Investment Management LLC purchased a new position in shares of Comstock Resources during the second quarter valued at approximately $313,000.
Comstock Resources Company Profile
Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.
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