Zacks Investment Research upgraded shares of Comstock Resources Inc. (NYSE:CRK) from a hold rating to a buy rating in a research report sent to investors on Monday. They currently have $8.50 target price on the stock.
According to Zacks, “With natural gas up significantly from their March lows and Comstock being one of the most gas weighted E&Ps, it is poised to achieve significant share price appreciation. As it is, CRK's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities. In fact, even in this difficult operating environment, CRK's Haynesville program continues to achieve excellent results. Supplemented with a low cost structure, Comstock remains well positioned to maintain a strong growth trajectory in the near- to-medium term. The company's decision to suspend its dividend might have shocked income investors but it has provided much needed stability to the balance sheet. Finally, a significant reduction in lifting costs has resulted in major savings for CRK. Consequently, we think CRK offers substantial upside potential from the current price levels.”
CRK has been the topic of a number of other research reports. Robert W. Baird increased their target price on Comstock Resources from $6.00 to $10.00 and gave the company a neutral rating in a report on Thursday, September 15th. Stifel Nicolaus reissued a hold rating on shares of Comstock Resources in a research note on Wednesday, August 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $10.54.
Comstock Resources (NYSE:CRK) opened at 7.70 on Monday. Comstock Resources has a 1-year low of $2.64 and a 1-year high of $16.40. The company’s 50-day moving average price is $7.08 and its 200 day moving average price is $4.76. The firm’s market capitalization is $96.28 million.
Comstock Resources (NYSE:CRK) last announced its earnings results on Monday, August 1st. The company reported ($4.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by $3.39. The company had revenue of $40.72 million for the quarter, compared to analyst estimates of $39.16 million. Comstock Resources had a negative net margin of 475.42% and a negative return on equity of 202.37%. Comstock Resources’s quarterly revenue was down 47.3% compared to the same quarter last year. During the same quarter last year, the company posted ($1.11) EPS. On average, equities analysts anticipate that Comstock Resources will post ($12.63) EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. raised its position in shares of Comstock Resources by 32.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,263,502 shares of the company’s stock worth $967,000 after buying an additional 311,590 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Comstock Resources during the first quarter worth $121,000. Oasis Management Co Ltd. acquired a new position in shares of Comstock Resources during the first quarter worth $1,990,000. Mariner Investment Group LLC acquired a new position in shares of Comstock Resources during the second quarter worth $237,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Comstock Resources during the second quarter worth $229,000.
About Comstock Resources
Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.
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