Comstock Resources (NYSE:CRK) Posts Earnings Results, Beats Expectations By $0.05 EPS

Comstock Resources (NYSE:CRK) posted its quarterly earnings results on Wednesday. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.05, FiscalAI reports. The firm had revenue of $789.81 million for the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a net margin of 3.14% and a return on equity of 6.71%. The firm’s quarterly revenue was up 115.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share.

Comstock Resources Price Performance

CRK opened at $20.50 on Thursday. The stock has a market cap of $6.01 billion, a price-to-earnings ratio of 82.00 and a beta of 0.39. The stock has a fifty day moving average price of $22.67 and a 200 day moving average price of $20.42. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.19. Comstock Resources has a 1 year low of $14.65 and a 1 year high of $31.17.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Orion Porfolio Solutions LLC acquired a new stake in Comstock Resources in the 2nd quarter worth approximately $307,000. CIBC Asset Management Inc grew its position in shares of Comstock Resources by 17.5% in the fourth quarter. CIBC Asset Management Inc now owns 13,113 shares of the oil and gas producer’s stock valued at $304,000 after purchasing an additional 1,949 shares during the last quarter. Quantinno Capital Management LP bought a new stake in shares of Comstock Resources in the second quarter valued at approximately $283,000. CreativeOne Wealth LLC lifted its stake in shares of Comstock Resources by 3.7% in the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after buying an additional 500 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in Comstock Resources during the second quarter worth about $243,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRK. Mizuho increased their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. UBS Group restated a “sell” rating and issued a $18.00 target price (up previously from $16.00) on shares of Comstock Resources in a research report on Friday, December 12th. Zacks Research raised Comstock Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and lowered their target price for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Comstock Resources currently has an average rating of “Reduce” and an average target price of $20.33.

About Comstock Resources

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.