Comstock Resources (NYSE:CRK) Trading 5.8% Higher – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK) shares traded up 5.8% during mid-day trading on Tuesday . The stock traded as high as $19.00 and last traded at $18.70. 180,466 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 2,840,504 shares. The stock had previously closed at $17.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CRK shares. Citigroup boosted their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday, December 6th. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research report on Thursday, February 20th. Morgan Stanley started coverage on shares of Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 target price on the stock. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Finally, Piper Sandler boosted their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $13.36.

Comstock Resources Price Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 0.46 and a quick ratio of 0.60. The company’s 50-day simple moving average is $19.07 and its 200-day simple moving average is $15.11. The company has a market cap of $5.33 billion, a price-to-earnings ratio of -23.78, a P/E/G ratio of 1.65 and a beta of 0.55.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.14. The company had revenue of $366.51 million during the quarter, compared to the consensus estimate of $370.62 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. On average, equities research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Insiders Place Their Bets

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.62, for a total transaction of $156,200.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 38,000 shares of company stock valued at $634,660 over the last three months. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. increased its position 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 purchasing an additional 1,400 shares during the period. VSM Wealth Advisory LLC acquired a new stake in Comstock Resources in the 4th quarter valued at about $27,000. Sterling Capital Management LLC boosted its position in shares of Comstock Resources by 804.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock valued at $54,000 after purchasing an additional 2,631 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Comstock Resources by 225.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 2,326 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Comstock Resources in the 4th quarter worth approximately $70,000. 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.