Comstock Resources (NYSE:CRK) Hits New 12-Month Low – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $12.79 and last traded at $12.8160, with a volume of 697933 shares traded. The stock had previously closed at $13.00.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRK. Mizuho decreased their target price on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Williams Trading set a $16.00 target price on shares of Comstock Resources in a research report on Thursday, May 14th. UBS Group reissued a “sell” rating and issued a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Morgan Stanley cut their target price on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, May 22nd. Finally, Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. One equities research 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 MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $18.89.

Comstock Resources Price Performance

The stock has a market cap of $3.77 billion, a PE ratio of 5.86 and a beta of 0.13. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The company’s 50 day moving average is $16.38 and its 200-day moving average is $20.14.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm had revenue of $587.35 million for the quarter, compared to analysts’ expectations of $554.02 million. During the same period last year, the firm earned $0.18 EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts predict that Comstock Resources, Inc. will post 0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. CreativeOne Wealth LLC grew its holdings in Comstock Resources by 3.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock worth $276,000 after acquiring an additional 500 shares in the last quarter. Natixis Advisors LLC grew its holdings in Comstock Resources by 2.0% during the 4th quarter. Natixis Advisors LLC now owns 29,703 shares of the oil and gas producer’s stock worth $689,000 after acquiring an additional 572 shares in the last quarter. Carrera Capital Advisors grew its holdings in Comstock Resources by 0.7% during the 4th quarter. Carrera Capital Advisors now owns 82,910 shares of the oil and gas producer’s stock worth $1,922,000 after acquiring an additional 606 shares in the last quarter. Uhlmann Price Securities LLC grew its holdings in Comstock Resources by 2.4% during the 3rd quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer’s stock worth $548,000 after acquiring an additional 650 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Comstock Resources by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 6,303 shares of the oil and gas producer’s stock worth $146,000 after acquiring an additional 679 shares in the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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.