Comstock Resources (NYSE:CRK) Upgraded at Scotiabank

Scotiabank upgraded shares of Comstock Resources (NYSE:CRK) to a strong sell rating in a report published on Wednesday,Zacks reports.

A number of other research analysts also recently issued reports on the company. Wall Street Zen downgraded Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Saturday. Roth Capital reiterated a “neutral” rating and issued a $14.00 price objective on shares of Comstock Resources in a report on Tuesday, September 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Comstock Resources in a report on Monday, August 17th. Jefferies Financial Group started coverage on Comstock Resources in a research report on Friday, September 25th. They issued a “hold” rating and a $14.00 target price for the company. Finally, Mizuho lowered their target price on shares of Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday. Ten analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $15.00.

Comstock Resources Stock Up 3.6%

NYSE CRK traded up $0.48 during mid-day trading on Wednesday, reaching $13.98. The stock had a trading volume of 2,969,899 shares, compared to its average volume of 2,533,994. The stock has a market cap of $4.11 billion, a PE ratio of 7.85 and a beta of 0.52. 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 current ratio of 0.48 and a quick ratio of 0.48. The company has a fifty day moving average price of $13.94 and a 200 day moving average price of $14.52.

Comstock Resources (NYSE:CRK) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%. The business had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same period last year, the business posted $0.13 EPS. The company’s revenue was down 24.9% compared to the same quarter last year. On average, research analysts expect that Comstock Resources will post 0.26 earnings per share for the current year.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio bought a new stake in shares of Comstock Resources in the second quarter worth $26,000. Whittier Trust Co. of Nevada Inc. bought a new position in Comstock Resources in the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new position in Comstock Resources in the fourth quarter valued at about $36,000. Axiom Investment Management LLC bought a new position in Comstock Resources in the first quarter valued at about $63,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Comstock Resources in the second quarter worth about $68,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.