Comstock Resources (NYSE:CRK) Hits New 12-Month Low – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $12.40 and last traded at $12.49, with a volume of 1508694 shares traded. The stock had previously closed at $13.00.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. UBS Group restated a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Wall Street Zen cut shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. Roth Capital raised Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 target price for the company in a research report on Friday, July 10th. Finally, Citigroup cut their target price on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, July 20th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources currently has a consensus rating of “Reduce” and a consensus price target of $15.22.

Comstock Resources Price Performance

The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 5.65 and a beta of 0.10. The business’s 50-day simple moving average is $13.51 and its two-hundred day simple moving average is $17.39. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company’s revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 EPS. As a group, research analysts expect that Comstock Resources, Inc. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently bought and sold shares of the company. Moody National Bank Trust Division acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at about $454,000. Versant Capital Management Inc lifted its holdings in shares of Comstock Resources by 923.4% in the second 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 in the last quarter. Pacer Advisors Inc. bought a new position in Comstock Resources during the 1st quarter valued at $183,000. NewEdge Advisors LLC lifted its position in shares of Comstock Resources by 1,691.3% during the first quarter. NewEdge Advisors LLC now owns 71,920 shares of the oil and gas producer’s stock valued at $1,516,000 after purchasing an additional 67,905 shares in the last quarter. Finally, Axiom Investment Management LLC purchased a new position in shares of Comstock Resources in the 1st quarter worth approximately $63,000. Institutional investors own 36.13% of the company’s stock.

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.