Comstock Resources (NYSE:CRK) Trading 7.8% Higher – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) shot up 7.8% during trading on Thursday . The company traded as high as $22.00 and last traded at $22.2380. 513,425 shares traded hands during trading, a decline of 79% from the average session volume of 2,429,653 shares. The stock had previously closed at $20.63.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group set a $17.00 price objective on shares of Comstock Resources in a research note on Friday, February 13th. Morgan Stanley set a $19.00 price target on shares of Comstock Resources in a research note on Friday, February 13th. Bank of America lowered shares of Comstock Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $27.00 to $24.00 in a research report on Friday, January 16th. Citigroup reiterated a “neutral” rating and issued a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. Finally, Mizuho boosted their target price on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $21.00.

Comstock Resources Price Performance

The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95. The firm’s fifty day moving average price is $21.02 and its 200-day moving average price is $21.00. The stock has a market cap of $6.32 billion, a P/E ratio of 15.23 and a beta of 0.40.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $787.32 million during the quarter, compared to analyst estimates of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The firm’s revenue was up 115.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.16 EPS. Analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Comstock Resources

Several large investors have recently modified their holdings of CRK. Redwood Family Wealth LLC purchased a new position in Comstock Resources during the 4th quarter valued at about $232,000. Caitong International Asset Management Co. Ltd purchased a new stake in Comstock Resources in the 4th quarter worth approximately $36,000. Invesco Ltd. lifted its holdings in Comstock Resources by 4.2% in the 4th quarter. Invesco Ltd. now owns 969,961 shares of the oil and gas producer’s stock worth $22,484,000 after buying an additional 39,409 shares during the period. Empowered Funds LLC grew its position in shares of Comstock Resources by 17.2% in the 4th quarter. Empowered Funds LLC now owns 108,103 shares of the oil and gas producer’s stock worth $2,506,000 after buying an additional 15,852 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Comstock Resources during the fourth quarter valued at approximately $870,000. 36.13% of the stock is owned by institutional investors.

Comstock Resources Company Profile

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.