Comstock Resources (NYSE:CRK) Hits New 12-Month High – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $21.99 and last traded at $21.88, with a volume of 896180 shares trading hands. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

CRK has been the subject of several analyst reports. Morgan Stanley initiated coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective for the company. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research report on Tuesday, October 15th. Truist Financial raised their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. BMO Capital Markets upped their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Bank of America assumed coverage on Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Comstock Resources presently has a consensus rating of “Hold” and an average price target of $13.30.

Comstock Resources Stock Performance

The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of -114.14, a P/E/G ratio of 2.53 and a beta of 0.51. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The stock’s 50-day moving average price is $17.05 and its 200-day moving average price is $13.03.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business’s revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. As a group, equities research analysts expect that Comstock Resources, Inc. will post -0.39 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the transaction, the director now owns 123,781 shares in the company, valued at approximately $2,021,343.73. This trade represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 38,000 shares of company stock valued at $634,660. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royce & Associates LP raised its stake in shares of Comstock Resources by 79.2% in the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after purchasing an additional 304,780 shares in the last quarter. Barclays PLC increased its holdings 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 acquiring an additional 111,934 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Comstock Resources by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after purchasing an additional 57,376 shares during the last quarter. Intech Investment Management LLC bought a new stake in Comstock Resources during the third quarter valued at $419,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Comstock Resources by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after buying an additional 13,998 shares during the last quarter. Hedge funds and other 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.