Comstock Resources (NYSE:CRK) Trading Up 7.8% – Still a Buy?

Comstock Resources, Inc. (NYSE:CRK) was up 7.8% during trading on Thursday . The stock traded as high as $22.00 and last traded at $22.2380. Approximately 513,425 shares changed hands during trading, a decline of 79% from the average daily volume of 2,429,653 shares. The stock had previously closed at $20.63.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Citigroup reiterated a “neutral” rating and issued a $25.00 target price (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Mizuho upped their price target on shares of Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. UBS Group set a $17.00 price objective on shares of Comstock Resources in a research note on Friday, February 13th. Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and lowered their target price for the company from $27.00 to $24.00 in a report on Friday, January 16th. Finally, Morgan Stanley set a $19.00 target price on Comstock Resources in a research report on Friday, February 13th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $21.00.

Comstock Resources Price Performance

The stock has a market capitalization of $6.36 billion, a PE ratio of 15.34 and a beta of 0.40. The business’s 50-day moving average price is $21.02 and its 200 day moving average price is $21.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The company had revenue of $787.32 million for the quarter, compared to the consensus estimate of $504.66 million. During the same quarter last year, the business posted $0.16 earnings per share. The firm’s revenue was up 115.5% compared to the same quarter last year. Research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total value of $1,036,998.00. Following the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This trade represents a 20.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rothschild Investment LLC raised its stake in shares of Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 1,007 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Comstock Resources in the 3rd quarter worth approximately $27,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Comstock Resources in the 4th quarter valued at $29,000. Jones Financial Companies Lllp boosted its stake in shares of Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 1,376 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in shares of Comstock Resources by 877.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 1,290 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.