Comstock Resources (NYSE:CRK) Upgraded to “Sell” at StockNews.com

StockNews.com upgraded shares of Comstock Resources (NYSE:CRK) to a sell rating in a research note published on Thursday.

CRK has been the topic of several other reports. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and raised their target price for the company from $10.00 to $18.00 in a report on Monday, December 16th. Truist Financial raised their price target on Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Citigroup raised their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Piper Sandler raised their price target on Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley initiated coverage on Comstock Resources in a research report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.40.

Comstock Resources Price Performance

NYSE CRK opened at $19.56 on Thursday. Comstock Resources has a fifty-two week low of $7.74 and a fifty-two week high of $22.06. The stock’s 50-day moving average is $18.70 and its two-hundred day moving average is $14.40. 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 firm has a market cap of $5.72 billion, a P/E ratio of -25.73, a price-to-earnings-growth ratio of 1.65 and a beta of 0.48.

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

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 8,000 shares of Comstock Resources stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $18.17, for a total transaction of $145,360.00. Following the sale, the director now directly owns 99,632 shares of the company’s stock, valued at $1,810,313.44. This trade represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 38,000 shares of company stock valued at $634,660 over the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in Comstock Resources during the fourth quarter valued at approximately $501,000. PharVision Advisers LLC acquired a new stake in Comstock Resources during the fourth quarter valued at approximately $295,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Comstock Resources by 19.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 147,725 shares of the oil and gas producer’s stock valued at $2,692,000 after purchasing an additional 24,320 shares in the last quarter. Vident Advisory LLC boosted its holdings in Comstock Resources by 23.4% during the fourth quarter. Vident Advisory LLC now owns 32,760 shares of the oil and gas producer’s stock valued at $597,000 after purchasing an additional 6,211 shares in the last quarter. Finally, Texas Bank & Trust Co acquired a new stake in Comstock Resources during the fourth quarter valued at approximately $288,000. 36.13% of the stock is owned by institutional investors and hedge funds.

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.