Comstock Resources (NYSE:CRK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.
According to Zacks, “Comstock Resources, Inc. is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s oil and natural gas reserve base is entirely concentrated in the Gulf of Mexico, Southeast Texas and East Texas/North Louisiana regions. “
Several other equities analysts have also issued reports on the stock. ValuEngine lowered shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Monday, May 18th. MKM Partners cut their price target on shares of Comstock Resources from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Stifel Nicolaus raised shares of Comstock Resources from a “hold” rating to a “buy” rating and boosted their price objective for the company from $6.00 to $8.00 in a report on Tuesday, March 31st. BMO Capital Markets began coverage on shares of Comstock Resources in a report on Wednesday, June 17th. They set an “outperform” rating and a $8.00 price objective on the stock. Finally, SunTrust Banks dropped their price objective on shares of Comstock Resources from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, May 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $7.83.
NYSE:CRK traded up $0.30 during trading hours on Tuesday, reaching $4.40. The company’s stock had a trading volume of 1,483,200 shares, compared to its average volume of 1,036,710. The company has a market capitalization of $780.99 million, a P/E ratio of 8.30 and a beta of 1.06. Comstock Resources has a 12 month low of $4.05 and a 12 month high of $10.70. The company has a debt-to-equity ratio of 2.14, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $5.10 and a two-hundred day moving average price of $6.12.
Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas producer reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Comstock Resources had a net margin of 14.45% and a return on equity of 14.63%. The company had revenue of $225.88 million during the quarter, compared to the consensus estimate of $242.75 million. As a group, analysts predict that Comstock Resources will post 0.41 EPS for the current fiscal year.
In other Comstock Resources news, Director Jim L. Turner purchased 75,000 shares of the stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $4.73 per share, with a total value of $354,750.00. Following the completion of the acquisition, the director now owns 164,470 shares in the company, valued at $777,943.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Roland O. Burns purchased 25,000 shares of the stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $4.74 per share, for a total transaction of $118,500.00. Following the completion of the acquisition, the chief financial officer now owns 778,440 shares of the company’s stock, valued at approximately $3,689,805.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 140,000 shares of company stock worth $663,250. 1.50% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Man Group plc acquired a new position in shares of Comstock Resources in the fourth quarter worth about $137,000. Advisor Group Inc. acquired a new position in shares of Comstock Resources in the fourth quarter worth about $1,043,000. Mariner LLC raised its position in shares of Comstock Resources by 7.5% in the fourth quarter. Mariner LLC now owns 299,545 shares of the oil and gas producer’s stock worth $2,465,000 after acquiring an additional 20,787 shares during the period. Bank of New York Mellon Corp raised its position in shares of Comstock Resources by 377.2% in the fourth quarter. Bank of New York Mellon Corp now owns 251,333 shares of the oil and gas producer’s stock worth $2,069,000 after acquiring an additional 198,669 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Comstock Resources by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 95,627 shares of the oil and gas producer’s stock worth $788,000 after acquiring an additional 4,193 shares during the period. Institutional investors and hedge funds own 3.22% of the company’s stock.
Comstock Resources Company Profile
Comstock Resources, Inc and its subsidiaries engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. The company is headquartered in Frisco, Texas.
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