Comstock Resources (NYSE:CRK) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Comstock Resources (NYSE:CRK) in a research report sent to investors on Friday, MarketBeat reports. The brokerage issued an equal weight rating and a $18.00 target price on the oil and gas producer’s stock.

Other research analysts have also recently issued reports about the company. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a research report on Tuesday, October 15th. BMO Capital Markets increased their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Bank of America began coverage on shares of Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their target price for the company from $10.00 to $18.00 in a report on Monday, December 16th. Finally, Truist Financial lifted their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.40.

Comstock Resources Stock Performance

Shares of Comstock Resources stock opened at $19.90 on Friday. The business has a 50-day simple moving average of $15.60 and a 200-day simple moving average of $12.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. Comstock Resources has a one year low of $7.07 and a one year high of $20.08. The company has a market cap of $5.82 billion, a PE ratio of -110.55 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The firm had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter last year, the firm earned $0.04 EPS. The company’s revenue was down 19.2% on a year-over-year basis. On average, equities research analysts forecast that Comstock Resources will post -0.44 EPS for the current fiscal year.

Insider Activity

In other Comstock Resources news, Director Elizabeth B. Davis sold 8,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the sale, the director now owns 99,632 shares of the company’s stock, valued at approximately $1,810,313.44. This represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 38,000 shares of company stock valued at $634,660. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRK. International Assets Investment Management LLC acquired a new position in Comstock Resources in the 4th quarter valued at $214,000. JPMorgan Chase & Co. lifted its stake in shares of Comstock Resources by 9.0% in the third quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after acquiring an additional 13,998 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Comstock Resources during the 3rd quarter worth approximately $169,000. Barclays PLC raised its position in shares of Comstock Resources by 256.3% in the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after purchasing an additional 111,934 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 1,400 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.