Comstock Resources (NYSE:CRK) Price Target Raised to $24.00

Comstock Resources (NYSE:CRK) had its price target boosted by Citigroup from $23.00 to $24.00 in a research note released on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

A number of other brokerages also recently commented on CRK. Morgan Stanley set a $19.00 price target on shares of Comstock Resources in a report on Friday, February 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Wall Street Zen lowered shares of Comstock Resources from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Mizuho increased their price target on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $20.88.

Comstock Resources Stock Up 1.5%

CRK opened at $19.50 on Tuesday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95. The firm has a market cap of $5.73 billion, a P/E ratio of 13.83 and a beta of 0.39. Comstock Resources has a 52 week low of $14.65 and a 52 week high of $31.17. The business’s fifty day simple moving average is $20.86 and its 200 day simple moving average is $21.39.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. The firm had revenue of $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The firm’s revenue for the quarter was up 115.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, equities research analysts anticipate that Comstock Resources will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president directly owned 187,516 shares in the company, valued at $3,975,339.20. The trade was a 20.69% 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. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently made changes to their positions in CRK. Redwood Family Wealth LLC purchased a new stake in Comstock Resources during the 4th quarter worth $232,000. Caitong International Asset Management Co. Ltd acquired a new stake in Comstock Resources in the 4th quarter valued at $36,000. Invesco Ltd. raised its position in Comstock Resources by 4.2% in the fourth quarter. Invesco Ltd. now owns 969,961 shares of the oil and gas producer’s stock valued at $22,484,000 after purchasing an additional 39,409 shares during the period. Empowered Funds LLC raised its position in Comstock Resources by 17.2% in the fourth quarter. Empowered Funds LLC now owns 108,103 shares of the oil and gas producer’s stock valued at $2,506,000 after purchasing an additional 15,852 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Comstock Resources during the fourth quarter worth about $870,000. 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, 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.