Wall Street Zen Downgrades Comstock Resources (NYSE:CRK) to Strong Sell

Comstock Resources (NYSE:CRK) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Sunday.

Several other research analysts have also commented on CRK. Citigroup cut their price target on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, July 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday, May 20th. UBS Group restated a “sell” rating and set a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Morgan Stanley set a $16.00 target price on shares of Comstock Resources and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Zacks Research downgraded shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Comstock Resources currently has an average rating of “Reduce” and an average target price of $15.00.

Comstock Resources Stock Performance

Shares of CRK stock opened at $14.39 on Friday. The stock’s 50-day moving average is $13.47 and its two-hundred day moving average is $16.92. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 8.08 and a beta of 0.13. Comstock Resources has a 1 year low of $12.12 and a 1 year high of $28.10. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $353.28 million during the quarter, compared to the consensus estimate of $419.22 million. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business’s quarterly revenue was down 24.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 EPS. Analysts predict that Comstock Resources will post 0.48 earnings per share for the current year.

Institutional Trading of Comstock Resources

A number of institutional investors have recently modified their holdings of the business. CreativeOne Wealth LLC raised its stake in shares of Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after purchasing an additional 500 shares in the last quarter. Natixis Advisors LLC grew its position in Comstock Resources by 2.0% in the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock valued at $689,000 after buying an additional 572 shares in the last quarter. Carrera Capital Advisors grew its position in Comstock Resources by 0.7% in the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock valued at $1,922,000 after buying an additional 606 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Comstock Resources by 14.2% during the 4th quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer’s stock valued at $149,000 after buying an additional 802 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in Comstock Resources by 27.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,942 shares of the oil and gas producer’s stock valued at $94,000 after buying an additional 857 shares during the period. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

About Comstock Resources

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.