Comstock Resources (NYSE:CRK) Shares Gap Up – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) gapped up prior to trading on Tuesday . The stock had previously closed at $14.43, but opened at $15.82. Comstock Resources shares last traded at $15.3650, with a volume of 3,546,427 shares trading hands.

Wall Street Analysts Forecast Growth

CRK has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, July 20th. Williams Trading set a $16.00 price target on Comstock Resources in a research note on Thursday, May 14th. Morgan Stanley set a $15.00 price target on Comstock Resources and gave the stock an “equal weight” rating in a report on Wednesday, August 19th. The Goldman Sachs Group dropped their price objective on Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, June 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a report on Monday, August 17th. Six equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and a consensus price target of $14.89.

Comstock Resources Stock Up 9.3%

The firm’s fifty day simple moving average is $13.72 and its 200-day simple moving average is $16.01. The company has a market cap of $4.63 billion, a PE ratio of 8.85 and a beta of 0.13. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. During the same period last year, the company posted $0.13 EPS. The company’s revenue was down 24.9% on a year-over-year basis. As a group, equities research analysts expect that Comstock Resources, Inc. will post 0.4 earnings per share for the current fiscal year.

Institutional Trading of Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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. Kemnay Advisory Services Inc. acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $29,000. Advisory Services Network LLC purchased a new position in shares of Comstock Resources during the third quarter valued at approximately $27,000. Hantz Financial Services Inc. lifted its stake in shares of Comstock Resources by 877.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 1,290 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in Comstock Resources during the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.