Comstock Resources (NYSE:CRK) Shares Down 5.2% – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price traded down 5.2% during mid-day trading on Tuesday . The stock traded as low as $20.72 and last traded at $20.7410. 818,993 shares changed hands during trading, a decline of 67% from the average session volume of 2,466,168 shares. The stock had previously closed at $21.88.

Analysts Set New Price Targets

CRK has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. Citigroup raised their target price on Comstock Resources from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley set a $19.00 target price on Comstock Resources in a research note on Friday, February 13th. Wall Street Zen downgraded Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, UBS Group set a $17.00 price target on shares of Comstock Resources in a research note on Friday, February 13th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $20.88.

Comstock Resources Trading Down 8.5%

The company has a market cap of $5.67 billion, a price-to-earnings ratio of 13.67 and a beta of 0.39. The business has a fifty day simple moving average of $20.96 and a 200 day simple moving average of $21.40. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95.

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

Insider Activity

In other news, VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. The trade was a 20.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently bought and sold shares of CRK. Rothschild Investment LLC boosted its position in Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Comstock Resources during the 3rd quarter worth $27,000. Kemnay Advisory Services Inc. acquired a new position in shares of Comstock Resources during the 4th quarter worth $29,000. Jones Financial Companies Lllp boosted its position in shares of Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 1,376 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 1,290 shares in the last quarter. 36.13% of the stock is owned by hedge funds and other 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.