Comstock Resources (NYSE:CRK) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Comstock Resources (NYSE:CRK) from a buy rating to a hold rating in a research note issued to investors on Thursday, March 15th.

According to Zacks, “Comstock Resources shares have gained 31.2% over the past six months, easily outperforming the Zacks Oil & Gas U.S. E&P industry's 8.2% increase during the same period. In particular, Comstock's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities that continues to achieve excellent results even in this difficult operating environment. Supplemented with a low-cost structure, CRK remains well positioned to maintain a strong growth trajectory in the near- to-medium term. However, the precarious liquidity position and high debt load keep us on the sidelines. Further, the weak gas pricing environment make for a less optimistic outlook. This accounts for our conservative stance on CRK.”

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A number of other equities analysts also recently issued reports on the company. Robert W. Baird set a $12.00 price target on Comstock Resources and gave the stock a buy rating in a research report on Friday, November 17th. KeyCorp reiterated a hold rating on shares of Comstock Resources in a research report on Friday, November 24th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $9.13.

Comstock Resources stock traded down $0.57 during midday trading on Thursday, hitting $5.49. 761,377 shares of the company were exchanged, compared to its average volume of 546,640. The firm has a market cap of $88.76, a price-to-earnings ratio of -1.41 and a beta of -0.09. Comstock Resources has a fifty-two week low of $4.01 and a fifty-two week high of $10.72. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of -3.01.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Monday, February 26th. The oil and gas producer reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.63. The business had revenue of $73.25 million for the quarter, compared to analysts’ expectations of $71.92 million. During the same quarter in the prior year, the company posted ($2.58) EPS. equities analysts expect that Comstock Resources will post 0.28 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PEAK6 Investments L.P. purchased a new position in shares of Comstock Resources in the fourth quarter valued at approximately $104,000. Guggenheim Capital LLC purchased a new position in Comstock Resources during the fourth quarter worth approximately $2,223,000. Prime Capital Investment Advisors LLC purchased a new position in Comstock Resources during the fourth quarter worth approximately $307,000. Renaissance Technologies LLC purchased a new position in Comstock Resources during the fourth quarter worth approximately $1,228,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Comstock Resources during the fourth quarter worth approximately $228,000. Institutional investors and hedge funds own 44.19% of the company’s stock.

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Comstock Resources Company Profile

Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.

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