Comstock Resources (NYSE:CRK) Sets New 12-Month High – Still a Buy?

Comstock Resources, Inc. (NYSE:CRK) shares reached a new 52-week high on Wednesday . The company traded as high as $19.93 and last traded at $19.55, with a volume of 379153 shares trading hands. The stock had previously closed at $18.79.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday, October 15th. BMO Capital Markets increased their price target on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Mizuho raised 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 research report on Monday, December 16th. Finally, Truist Financial raised their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.78.

Comstock Resources Price Performance

The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of -107.38 and a beta of 0.51. The business has a 50-day moving average price of $15.29 and a two-hundred day moving average price of $12.28. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last released 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 the consensus estimate of $308.75 million. During the same quarter in the prior year, the company posted $0.04 EPS. The firm’s revenue was down 19.2% on a year-over-year basis. As a group, research analysts forecast that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Comstock Resources

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

Comstock Resources Company Profile

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.