Comstock Resources (NYSE:CRK) Reaches New 52-Week Low – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $14.55 and last traded at $14.5180, with a volume of 354522 shares changing hands. The stock had previously closed at $14.99.

Analyst Ratings Changes

A number of research analysts have issued reports on CRK shares. Bank of America downgraded Comstock Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $24.00 in a report on Friday, January 16th. Wall Street Zen downgraded Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. UBS Group set a $17.00 price target on Comstock Resources in a report on Friday, February 13th. Morgan Stanley set a $19.00 price target on Comstock Resources in a report on Friday, February 13th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Reduce” and an average target price of $20.88.

Comstock Resources Trading Down 1.4%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 6.72 and a beta of 0.22. The company has a 50 day moving average price of $19.20 and a two-hundred day moving average price of $21.13.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.08). The business had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.02 million. Comstock Resources had a return on equity of 5.75% and a net margin of 27.18%.The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. On average, research analysts forecast that Comstock Resources, Inc. will post 0.67 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total value 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRK. Rothschild Investment LLC raised its stake in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares during the last quarter. Advisory Services Network LLC acquired a new position in Comstock Resources in the 3rd quarter valued at $27,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Comstock Resources in the 1st quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new position in Comstock Resources in the 4th quarter valued at $29,000. Finally, Jones Financial Companies Lllp raised its stake in 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 valued at $31,000 after purchasing an additional 1,376 shares during the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

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.