Comstock Resources (NYSE:CRK) Sets New 52-Week Low – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $14.55 and last traded at $14.5180, with a volume of 354522 shares trading hands. The stock had previously closed at $14.99.

Analyst Upgrades and Downgrades

CRK has been the topic of several research analyst reports. Wall Street Zen lowered Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research note on Friday, February 13th. Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. UBS Group set a $17.00 price objective on Comstock Resources in a research note on Friday, February 13th. Finally, Bank of America lowered Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $20.88.

Comstock Resources Stock Down 4.5%

The stock has a 50 day moving average price of $19.13 and a 200 day moving average price of $21.12. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 6.45 and a beta of 0.22. The company has a quick ratio of 0.49, a current ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm had revenue of $587.35 million for the quarter, compared to analyst estimates of $554.02 million. During the same period in the previous year, the business posted $0.18 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts forecast that Comstock Resources, Inc. will post 0.66 EPS for the current year.

Insider Activity at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of Comstock Resources stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president directly owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Trading of Comstock Resources

A number of hedge funds have recently made changes to their positions in the company. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Comstock Resources during the first quarter valued at about $108,000. Goehring & Rozencwajg Associates LLC boosted its stake in shares of Comstock Resources by 34.8% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer’s stock valued at $18,168,000 after purchasing an additional 222,569 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Comstock Resources by 3.2% during the first quarter. Bleakley Financial Group LLC now owns 36,792 shares of the oil and gas producer’s stock valued at $776,000 after purchasing an additional 1,131 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Comstock Resources by 2.2% during the first quarter. Principal Financial Group Inc. now owns 385,868 shares of the oil and gas producer’s stock valued at $8,134,000 after purchasing an additional 8,146 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Comstock Resources by 14.8% during the first quarter. International Assets Investment Management LLC now owns 12,821 shares of the oil and gas producer’s stock worth $246,000 after acquiring an additional 1,649 shares during 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.