Comstock Resources (NYSE:CRK) Releases Earnings Results, Misses Expectations By $0.02 EPS

Comstock Resources (NYSE:CRK) issued its earnings results on Wednesday. The oil and gas producer reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02), Zacks reports. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 earnings per share.

Comstock Resources Trading Down 3.2%

Shares of NYSE CRK traded down $0.44 during midday trading on Wednesday, reaching $13.40. 4,211,634 shares of the stock were exchanged, compared to its average volume of 2,452,689. The company has a 50 day simple moving average of $13.98 and a 200 day simple moving average of $16.09. 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 stock has a market capitalization of $3.93 billion, a P/E ratio of 32.19 and a beta of 0.54. Comstock Resources has a twelve month low of $12.12 and a twelve month high of $28.10.

Analysts Set New Price Targets

A number of research analysts have weighed in on CRK shares. BMO Capital Markets reissued a “market perform” rating and issued a $17.00 target price (up from $13.00) on shares of Comstock Resources in a research note on Wednesday, September 2nd. Roth Capital reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Comstock Resources in a report on Tuesday, September 1st. Morgan Stanley set a $13.00 price objective on Comstock Resources and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Mizuho reduced their price objective on Comstock Resources from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Comstock Resources in a research note on Monday, August 17th. Ten research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $15.00.

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.