BMO Capital Markets Increases Comstock Resources (NYSE:CRK) Price Target to $11.00

Comstock Resources (NYSE:CRK) had its price objective raised by investment analysts at BMO Capital Markets from $10.00 to $11.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ price objective suggests a potential downside of 8.71% from the stock’s current price.

Several other research firms have also recently weighed in on CRK. Truist Financial increased their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Mizuho dropped their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Wolfe Research initiated coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. KeyCorp initiated coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.93.

Comstock Resources Stock Up 0.8 %

Shares of NYSE CRK opened at $12.05 on Friday. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The stock has a market cap of $3.52 billion, a PE ratio of 54.77 and a beta of 0.47. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The company has a 50-day moving average of $10.31 and a 200 day moving average of $10.33.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The firm had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources’s revenue for the quarter was down 14.4% on a year-over-year basis. As a group, sell-side analysts predict that Comstock Resources will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of Comstock Resources stock in a transaction on Monday, August 26th. The shares were bought at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the acquisition, the insider now directly owns 208,219,992 shares in the company, valued at $2,402,858,707.68. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of Comstock Resources stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares in the company, valued at $1,740,169,815.30. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of Comstock Resources stock in a transaction dated Monday, August 26th. The stock was purchased at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the acquisition, the insider now directly owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,712,733 shares of company stock worth $67,816,851 in the last ninety days. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRK. Dimensional Fund Advisors LP raised its holdings in shares of Comstock Resources by 26.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after purchasing an additional 2,438,252 shares in the last quarter. KGH Ltd raised its holdings in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after purchasing an additional 975,000 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at $6,544,000. Finally, American Century Companies Inc. raised its holdings in shares of Comstock Resources by 19.0% in the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after purchasing an additional 362,043 shares in 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.