Comstock Resources, Inc. to Post Q3 2024 Earnings of ($0.17) Per Share, Capital One Financial Forecasts (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) – Investment analysts at Capital One Financial dropped their Q3 2024 earnings per share estimates for Comstock Resources in a research report issued to clients and investors on Wednesday, October 9th. Capital One Financial analyst P. Johnston now forecasts that the oil and gas producer will post earnings per share of ($0.17) for the quarter, down from their prior forecast of ($0.16). The consensus estimate for Comstock Resources’ current full-year earnings is ($0.37) per share. Capital One Financial also issued estimates for Comstock Resources’ FY2024 earnings at ($0.37) EPS and FY2026 earnings at $0.74 EPS.

Several other equities research analysts have also commented on CRK. Truist Financial boosted their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday. KeyCorp began coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, BMO Capital Markets increased their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.79.

Comstock Resources Stock Down 4.1 %

Comstock Resources stock opened at $11.36 on Monday. The stock’s 50 day moving average price is $10.64 and its 200 day moving average price is $10.48. The company has a market cap of $3.32 billion, a PE ratio of 51.64 and a beta of 0.47. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $246.80 million for the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s quarterly revenue was down 14.4% compared to the same quarter last year.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently bought and sold shares of CRK. Foundry Partners LLC boosted its position in shares of Comstock Resources by 11.8% in the 1st quarter. Foundry Partners LLC now owns 469,512 shares of the oil and gas producer’s stock worth $4,357,000 after purchasing an additional 49,626 shares during the last quarter. Kovack Advisors Inc. acquired a new stake in shares of Comstock Resources in the first quarter valued at about $1,058,000. Sanders Morris Harris LLC bought a new stake in shares of Comstock Resources during the 1st quarter worth approximately $1,717,000. Seven Eight Capital LP acquired a new stake in shares of Comstock Resources in the first quarter valued at approximately $813,000. Finally, Keynote Financial Services LLC bought a new position in Comstock Resources during the first quarter worth $930,000. 36.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the stock in a transaction on Friday, August 16th. The shares were bought at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the acquisition, the insider now directly owns 203,450,946 shares in the company, valued at approximately $2,164,718,065.44. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the business’s stock in a transaction on Friday, August 16th. The stock was purchased at an average price of $10.64 per share, with a total value of $6,101,539.92. Following the acquisition, the insider now directly owns 203,450,946 shares in the company, valued at approximately $2,164,718,065.44. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the stock in a transaction on Wednesday, August 7th. The stock was acquired 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 approximately $1,740,169,815.30. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 6,712,733 shares of company stock worth $67,816,851. Corporate insiders own 1.50% 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.