Comstock Resources (NYSE:CRK) Stock Breaks Below 50 Day Moving Average – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK)’s stock price passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $14.00 and traded as low as $13.84. Comstock Resources shares last traded at $13.8640, with a volume of 2,240,016 shares changing hands.

Analyst Ratings Changes

CRK has been the subject of a number of analyst reports. Morgan Stanley set a $13.00 price target on Comstock Resources and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Comstock Resources in a research report on Monday, August 17th. Truist Financial assumed coverage on Comstock Resources in a research note on Thursday, September 17th. They issued a “hold” rating and a $16.00 target price on the stock. Cantor Fitzgerald restated a “neutral” rating on shares of Comstock Resources in a report on Wednesday, September 2nd. Finally, Mizuho decreased their target price on shares of Comstock Resources from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, October 16th. Ten equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $15.00.

Comstock Resources Trading Down 1.4%

The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 7.79 and a beta of 0.54. The company’s fifty day moving average is $14.00 and its two-hundred day moving average is $16.13.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in shares of Comstock Resources during the second quarter worth $26,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Comstock Resources during the first quarter valued at $29,000. Axiom Investment Management LLC purchased a new stake in Comstock Resources in the first quarter valued at $63,000. Integrated Wealth Concepts LLC purchased a new stake in Comstock Resources in the second quarter valued at $68,000. Finally, Versant Capital Management Inc boosted its holdings in Comstock Resources by 923.4% in the second quarter. Versant Capital Management Inc now owns 5,127 shares of the oil and gas producer’s stock valued at $76,000 after purchasing an additional 4,626 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock’s core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.