Comstock Resources (NYSE:CRK) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Comstock Resources (NYSE:CRK) released its earnings results on Wednesday. The oil and gas producer reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02), Zacks reports. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%. Comstock Resources’s revenue was down 14.6% compared to the same quarter last year. During the same period last year, the company posted $0.09 EPS.

Comstock Resources Stock Down 3.2%

Comstock Resources stock traded down $0.44 during midday trading on Wednesday, reaching $13.40. The company’s stock had a trading volume of 4,211,634 shares, compared to its average volume of 2,452,689. The company has a market cap of $3.93 billion, a P/E ratio of 32.19 and a beta of 0.54. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $13.98 and a 200-day simple moving average of $16.09. Comstock Resources has a fifty-two week low of $12.12 and a fifty-two week high of $28.10.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Scotiabank started coverage on shares of Comstock Resources in a research note on Wednesday, October 14th. They set an “underperform” rating and a $11.00 price objective for the company. Wall Street Zen lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. Truist Financial initiated coverage on shares of Comstock Resources in a research report on Thursday, September 17th. They set a “hold” rating and a $16.00 price objective for the company. The Goldman Sachs Group lifted their target price on shares of Comstock Resources from $9.00 to $15.00 and gave the company a “sell” rating in a report on Wednesday, September 2nd. Finally, Mizuho cut their target price on Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Ten investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, Comstock Resources presently has a consensus rating of “Reduce” and an average target price of $15.00.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.