Comstock Resources (NYSE:CRK) Stock Price Expected to Rise, Piper Sandler Analyst Says

Comstock Resources (NYSE:CRK) had its price target hoisted by equities researchers at Piper Sandler from $5.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s target price points to a potential downside of 69.05% from the company’s current price.

A number of other equities analysts have also issued reports on CRK. Mizuho raised Comstock Resources from an “underperform” rating to a “neutral” rating and increased their price target for the company from $10.00 to $18.00 in a research note on Monday, December 16th. BMO Capital Markets lifted their target price on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Citigroup upped their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Truist Financial lifted their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Finally, Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research note on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and a consensus target price of $13.40.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $19.39 on Wednesday. The firm’s 50-day simple moving average is $17.72 and its 200 day simple moving average is $13.39. The stock has a market cap of $5.67 billion, a P/E ratio of -107.69, a P/E/G ratio of 2.53 and a beta of 0.51. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $22.06.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the company posted $0.04 earnings per share. The company’s revenue was down 19.2% on a year-over-year basis. Equities analysts expect that Comstock Resources will post -0.39 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.62, for a total transaction of $156,200.00. Following the completion of the sale, the director now owns 143,781 shares of the company’s stock, valued at approximately $2,245,859.22. This trade represents a 6.50 % 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. Insiders sold 38,000 shares of company stock valued at $634,660 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Comstock Resources by 4.2% in 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 buying an additional 57,376 shares during the last quarter. Millennium Management LLC grew its position in Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after acquiring an additional 775,371 shares in the last quarter. Royce & Associates LP increased its stake in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after purchasing an additional 304,780 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Comstock Resources by 285.9% during the 2nd quarter. Squarepoint Ops LLC now owns 216,806 shares of the oil and gas producer’s stock valued at $2,250,000 after purchasing an additional 160,619 shares in the last quarter. Finally, Glenorchy Capital Ltd lifted its stake in shares of Comstock Resources by 91.1% in the 3rd quarter. Glenorchy Capital Ltd now owns 197,713 shares of the oil and gas producer’s stock valued at $2,201,000 after purchasing an additional 94,230 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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.