Comstock Resources (NYSE:CRK) Stock Breaks Below 50 Day Moving Average – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) shares passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $14.00 and traded as low as $13.84. Comstock Resources shares last traded at $13.8640, with a volume of 2,240,016 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Mizuho dropped their target price on shares of Comstock Resources from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, October 16th. BMO Capital Markets reiterated a “market perform” rating and issued a $17.00 price target (up from $13.00) on shares of Comstock Resources in a research note on Wednesday, September 2nd. Roth Capital reissued a “neutral” rating and set a $14.00 price target on shares of Comstock Resources in a report on Tuesday, September 1st. Zacks Research downgraded shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 17th. Ten investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $15.00.

Comstock Resources Trading Down 1.4%

The company has a market cap of $4.07 billion, a PE ratio of 7.79 and a beta of 0.54. The stock’s 50 day moving average is $14.00 and its 200-day moving average is $16.13. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Institutional Trading of Comstock Resources

A number of large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in Comstock Resources in the second quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Comstock Resources during the first quarter valued at approximately $29,000. Axiom Investment Management LLC purchased a new stake in Comstock Resources during the first quarter valued at approximately $63,000. Integrated Wealth Concepts LLC purchased a new stake in Comstock Resources during the second quarter valued at approximately $68,000. Finally, Versant Capital Management Inc lifted its stake in shares of Comstock Resources by 923.4% in the 2nd quarter. Versant Capital Management Inc now owns 5,127 shares of the oil and gas producer’s stock valued at $76,000 after purchasing an additional 4,626 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

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.